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Nigeria has no timeframe to join OPEC production cuts - oil minister

Reuters  |  ABUJA 

ABUJA (Reuters) - has no set timeframe to join production cuts, its minister said on Wednesday.

"Hopefully in the next two to three months we can see how predictable the production return has been and then can say we feel stabilized and need to make the corresponding cuts," Emmanuel Ibe Kachikwu told reporters.

and Libya, whose output has been hit by political turmoil and attacks, are exempt from an deal aimed at cutting excess supplies.

Nigeria's benchmark level to join the cuts is production of 1.8 million barrels per day, and the country's current level is around 1.7 million barrels of crude per day, excluding condensates, Kachikwu said.

"We (OPEC) are fairly in consensus on our position on cuts," he said, adding that hoped prices would stabilize later this month.

Under the supply deal is curbing output by about 1.2 million bpd, while Russia and other non-producers are cutting half as much, until March 2018.

said on Wednesday its production jumped in June and forecast world demand for its crude would decline next year as rivals pump more, pointing to a market surplus in 2018 despite the OPEC-led output cut.

Giving its first forecasts for 2018 in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, a fall of 60,000 bpd from this year.

(Reporting by Paul Carsten; Writing by Ulf Laessing; Editing by Greg Mahlich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 00:09 IST