Nigeria called for the reduction of oil production OPEC+

© RIA Novosti / Maxim to Bogodeeva in photobacteria oil. Archival photoNigeria called for the reduction of oil production OPEC+© RIA Novosti / Maxim to Bogodeeva the image Bank

Nigeria calls for a reduction of oil production within OPEC+, said the country’s oil Minister Emmanuel IBE Cacique.

Answering the question, does Nigeria needed production cuts, he said, «Definitely». In Vienna on 5 December, is the meeting of the Ministerial monitoring Committee of OPEC+, which should make for countries-participants of the transaction recommendation about whether and how much to cut oil production to balance the market. Thursday, December 6, the recommendation will discuss the OPEC conference, and then, on December 7, all OPEC countries+.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016. The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. Recently traders talking about the risk of oversupply of the commodity on the market in 2019. It may encourage OPEC to return to the reduction of oil production.

Nigeria called for the reduction of oil production OPEC+© Infographicsrussia forces in the world oil market

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