Minister of State (Petroleum) Ibe Kachikwu yesterday hinted of plans by the Organisation of Petroleum Exporting Countries (OPEC) to impose some kind of “soft” targets on Nigeria and Libya on the basis of their average production this year.
He was quoted by Financial Times as saying on the sidelines of the ongoing OPEC meeting in Vienna, Austria that OPEC was discussing “soft targets” of around 1.8 million bpd for Nigeria and 1 million bpd for Libya, and talks continued on how to phrase those numbers as “indicative” and not include them as hard targets in the final OPEC statement.
Iran’s Oil Minister Bijan Zanganeh said OPEC is bringing Libya and Nigeria- the exempt members – into the fold with contributions to the efforts to erase the oversupply. He said the two African producers had agreed to cap their production at a collective level of less than 2.8 million bpd.
A delegate told Reuters that OPEC talks ended in Vienna with an agreement to extend the production cut deal through the end of 2018.
OPEC to impose ‘soft target’ on Nigeria, says Kachikwu
