Iran Calls for OPEC to Address Libyan, Nigerian Production

Iran Calls for OPEC to Address Libyan, Nigerian Production

The Iranian Minister of Petroleum, Bigan Zangeneh, singled out Libya and Nigeria in comments to the press yesterday, calling for changes in OPEC policy towards the two countries, Bloomberg reports.

While noting that OPEC’s policies were working, Zangeneh said that “changes are still needed” in the implementation of the production-cut agreement between OPEC and a number of major, non-OPEC oil-producing nations, Shana reports. These changes, he said, include ensuring full compliance with the agreement and addressing “the production of Libya and Nigeria.”

Expressing similar sentiments, the UAE Energy Minister, Suhail Mohamed El Mazroui, indicated that non-participating members of OPEC may be asked to join in the cuts at the next OPEC meeting, Bloomberg reports.

OPEC and several major, non-OPEC oil producers implemented a production-cut agreement in January to cut production by 1.8 million barrels per day (b/d). The agreement was later extended to March 2018. After meeting last week, oil ministers from the participating countries indicated that the agreement had lowered global oil stocks.

Over the past three months, oil prices have jumped 15%, according to Reuters.


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