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OPEC ministers on Thursday agreed to a nine-month extension of their production cut agreement through the end of 2018. and will call on Libya and Nigeria not to exceed a combined output of 2.8 million b d. Iranian oil minister Bijan Zanganeh told reporters.
`We decided to roll over the past decision to the end of 2018. and Nigeria and Libya accepted not to produce more than their production in 2017 for all of 2018.` Zanganeh said. `We didn`t set a figure [for Libya and Nigeria]. but both are less than 2.8 [million b d].`
Russian energy minister Alexander Novak. who has remained noncommittal on the nine-month extension. has yet to sign off on the deal and is currently meeting with OPEC ministers.
The current deal calls on OPEC and its 10 non-OPEC partners. led by Russia. to cut 1.8 million b d in supplies from October 2016 levels to hasten the market`s rebalancing. It is scheduled to expire in March.
Mustafa Sanalla. the chairman of Libya`s state-owned National Oil Corp.. attended the Vienna meeting. but refused to speak with journalists. He has outlined ambitious plans to raise Libyan production from current levels of around 1 million b d to 1.25 million b d by the end of 2017.
Nigerian oil minister Emmanuel Kachikwu told reporters before the meeting that his country`s current crude oil production was 1.70 million to 1.75 million b d and would not hit 1.8 million b d until January at the earliest.
He said Nigeria would support an output cap for itself at 1.8 million b d and would continue to be responsible with its production. as it has since the deal first came into effect from January this year.
