The level of oil production in Libya and Nigeria have stabilized, said Novak

© AP Photo / Hasan JamaliНефтяная tower. Archival photoThe level of oil production in Libya and Nigeria have stabilized, said Novak© AP Photo / Hasan Jamali

The level of oil production in Libya and Nigeria have stabilized, these countries committed to the principles of the balancing market, said in an interview with RIA Novosti the head of the energy Ministry of Russia Alexander Novak.

Sunday in Oman held a meeting of the OPEC Ministerial Committee that was established to monitor compliance with the Vienna agreement to reduce production and to make recommendations for its improvement. The Committee includes representatives from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

«Today, we have monitored the situation over the past few months, and we see that Libya and Nigeria are totally on the same level. That is, their production has stabilized, it is also a positive effect — they are no longer growing,» said Novak, answering the question under discussion at a meeting of the Committee the question of increasing quotas Libya for oil.

«In principle, our colleagues also reaffirmed that they are committed to a more stable situation and balancing and don’t intend to increase production,» — said the Minister.

Libya and Nigeria previously did not carry commitments to reduce oil production under OPEC agreement+ because the oil industry of these countries suffered from the actions of armed groups. However, after the meeting all 24 of the participating countries of the Vienna agreement at the end of November last year, it was decided that Libya and Nigeria in 2018 will limit the production level in 2017 is approximately 1 million bpd for Libya, and about 1.8 million barrels per day for Nigeria.

At the same time in mid-December, there is information that Libya is negotiating with OPEC about the possibility to increase the quota on oil production to 1.5-1.6 million barrels per day. Currently Libya is producing about 1 million barrels per day.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November last year, OPEC+ decided to extend the agreement before the end of 2018.The level of oil production in Libya and Nigeria have stabilized, said Novak© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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