Libya and Nigeria, exempt from global oil cuts in 2017, may attend a joint meeting between members of the Organization of the Petroleum Exporting Countrys (OPEC) and non-OPEC nations late July as oil producers look for ways to cap rising production to help support oil prices and overcome the current glut, Kuwait Oil Minister, Issam Al-Marzooq, said, according to Bloomberg.
“We invited them to discuss the situation of their production,” Al-Marzooq stated. “If they are able to stabilize their production at current levels, we will ask them to cap as soon as possible. We do not need to wait until the November meeting to do that,” he added, referring to the next OPEC meeting.
In addition, Russia and other allies are being partially offset by the increase in oil supply by Libya, Nigeria, and US shale output. “We have spoken to OPEC Secretary, General Mohammad Barkindo, and in the next two weeks there will be conversations with Libya and Nigeria, and possibly we will invite them to the technical summit,” Russian Energy Minister, Alexander Novak, stated, according to Reuters.