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OPEC invites seven countries to join output cap deal - Kuwaiti oil minister

OPEC invites seven countries to join output cap deal - Kuwaiti oil minister”

Oil prices rose on Thursday ahead of an Organisation of Petroleum Exporting Countries meeting in Vienna at which producers are expected to extend a supply-cut deal that came into effect in January with the goal of tightening supplies and propping up prices.

The production cuts deal, which began on January 1 and called on OPEC countries and 10 non-OPEC producers led by Russian Federation to cut a combined 1.8 million barrels per day in supplies to tackle oversupply and prop up prices, was in May extended by nine months to March 2018.

Iran's Energy Minister, Bijan Zangeneh, announced that Nigeria and Libya would be included in the oil output deal and an OPEC communique stated that the countries would not produce above 2017 levels in the new year, according to Reuters.

The meeting of OPEC and non-OPEC-which will be another interesting thing to follow given Russia's reportedly less eager position on an outright extension to the end of 2018-has just started at the time of writing.

"Like last [time] you remember, I think, [the quota of] Nigeria was 1.8 [million barrels per day], [and the quota of] Libya - like one million barrels per day".

Non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day, with Russian Federation pledging to cut production by 300,000 barrels daily.

However, price reactions were mostly muted, with many analysts saying the nine-month extension was already priced in.

OPEC is now mulling whether to include Nigeria and Libya-the two producers exempt so far from the production cuts-in the pact.

Minister Kachikwu said nonetheless, for Nigeria to benefit maximally from the current production exemption and to encourage and improve upstream investment, the need for the country to reduce its production cost per barrel is imperative. This is the meeting at which OPEC and its kingpin Saudi Arabia and the leader of the non-OPEC nations, Russia, will have to hammer out the final details of the "Declaration of Cooperation" like OPEC phrases the deal.



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