OPEC to debate capping Nigerian, Libyan oil output

Organisation of Petroleum Exporting Countries (OPEC)  will debate this week whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest, two sources with knowledge of the matter said on Wednesday. Sources told Reuters.

The 14-member Organization of the Petroleum Exporting Countries meets on Thursday to decide whether to extend production cuts until the end of 2018.

The sources said the idea was to cap Nigerian output at 1.8 million barrels per day and Libyan at 1 million bpd.

Credit: Reuters