Russia's Novak says OPEC/non-OPEC to discuss Libya, Nigeria

Russia's Novak says OPEC/non-OPEC to discuss Libya, Nigeria

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in the Russian city of St Petersburg on Monday to review market conditions and examine any proposals related to their pact to cut output.

Libya and Nigeria continue to recover their oil production at a steady pace, with both countries having upped their production by 127,000 and 96.700 barrels per day in June respectively, which amounted to 57% of OPEC's total increase in crude oil output for that month. Libya and Nigeria are exempt from the cuts and have been boosting production, leading to speculation about whether Opec will seek to cap their output to help reduce a global glut.

On Friday, Petro-Logistics, a consultancy that keeps tabs on Opec's oil output, said that the group's production levels would rise by 145,000 barrels per day this month, nudging its combined production above 33 million barrels per day. On the ICE Futures Exchange in London, Brent oil for September delivery was last quoted sharply down at $47.88 a barrel.

NYMEX crude for September delivery was down 2 cents at $45.75. Marzouq, whose country heads the joint ministerial committee, said attendees would discuss continuing the production cuts.

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A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, Mr Barkindo said on Sunday.

Turkish President Tayyip Erdogan traveled to Saudi Arabia and Kuwait on Sunday, the Gulf states' official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara's ally Qatar.

Upon arrival in Saint Petersburg in Russian Federation to attend a joint ministerial monitoring meeting, Al-Marzouq, who doubles as Minister of Electricity and Water, said he was satisfied with OPEC members' abidance by the recent oil output cut resolution.

The US is considering financial sanctions on Venezuela that would halt dollar payments for the country's oil, sources told Reuters, which could severely restrict the Opec nation's crude exports.