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Too early for output caps on Libya, Nigeria – Barkindo

OPEC Secretary-General Mohammad Barkindo said on Thursday at an economic forum in Russia’s St Petersburg that it was too early for output caps on Libya and Nigeria, Reutersreports.
He indicated that it was too early to say when production caps could be imposed on Libya and Nigeria, as they still have a lot of issues to solve.
It would be recalled that Nigeria and Libya were exempted from an original deal between OPEC and non member producers to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 because their output had been curbed by conflict.
On oil price decline, he said that “we have no issues with people taking positions in the market, we are focusing on fundamentals.”

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