OPEC thinks of limiting Oil Production in Libya and Nigeria

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    LIBYAPROSPECT – London

    The Organization of Petroleum Exporting Countries (OPEC) is thinking about how to limit the oil production of the two OPEC members Libya and Nigeria.

    According to the Wall Street Journal (WSJ), the JBC, a Vienna-based energy industry consultancy, said that Libya’s crude oil output has surged to over one million barrels a day, up from 400,000 in October, while Nigeria’s output has risen to 1.6 million barrels a day, up 200,000 barrels a day since October.

    The Platts survey said, on Thursday, that “Libya and Nigeria are expected to continue to increase oil production in the coming months.”

    The WSJ reported that the increases in oil production in Libya and Nigeria had unnerved OPEC; adding that “the 14-nation cartel that joined forces last year with Russia and other big non-OPEC producers in an agreement to withhold almost 1.8 million barrels of oil CLQ7, – 2.61% LCOU, -2.56% from market every day.”