Achievement









NEWS
  • Analysis: Libya, Nigeria exemptions in focus as OPEC meets on output cuts

    Libya and Nigeria can expect to face growing pressure from their OPEC counterparts to end 

    their  exemptions  from  production  cuts  and  accept an output quota, when ministers meet 

    Thursday for a closely watched summit. 


    Output  caps  could  be discussed for both countries: sources Uncertain Libyan outlook may 

    cushion it from getting a quota Condensate question helps keep Nigeria output below 1.8 mi

    l b/d 


    While  the  production outlooks for both countries remain hazy due to political, security and 

    technical  challenges,  voices  have been growing louder within OPEC that their output has 

    recovered  sufficiently  to  join in their market rebalancing efforts, sources told S&P Global 

    Platts. 


    "I think both countries will be discussed," an OPEC source told Platts, but he declined to say 

    whether members would insist on imposing quotas. 


    One option being discussed is a "loose" quota that would be triggered if production in either 

    country  rises  to  a  certain  level, while another option would be to place a quota right at or 

    above each country's production target, to at least symbolize that they are willing to accept a 

    cap, other sources and analysts said. 


    But it is entirely possible that both countries' exemptions will be maintained, as they have bee

    n  vehemently  opposed  to  any  output  restrictions  while  they  recover  from  militancy, the 

    sources said.  


    Officials from Libya and Nigeria did not respond to requests for comment. 

    OPEC  granted  Libya and Nigeria their exemptions when the 1.8 million b/d production cut 

    agreement  with  10 non-OPEC  countries was negotiated late last year, as the two African 

    nations dealt with internal strife and civil unrest that had targeted their oil infrastructure. 


    But both countries have seen sharp rises in production this year, partially undoing the impac

    t of OPEC's collective supply reductions.

Guangzhou Double Peach Fine Chemical Co.,Ltd

Address: No 3401 Huangpu East Road, Huangpu District, Guangzhou, China

Tel:+86 (20) 29035969 Fax:+86(20)29035979

Tel/Wechat/Whatsapp:0086 13826126978  admin@gz-chemical.com

For computer  For mobile