Business
18:21, 24-Jul-2017
Oil prices up as OPEC and non-OPEC meet
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Oil prices inched up but held near a one-week low ahead of a joint OPEC and non-OPEC meeting on Monday that may address rising output in Nigeria and Libya.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in Russia to review market conditions and examine any proposals related to their pact to cut output.
Sources familiar with the talks said the meeting might recommend a conditional cap on production from Nigeria and Libya – two OPEC members so far exempt from output cuts.
The OPEC and some non-OPEC states including Russia agreed to cut production by 1.8 million barrels per day, in a deal that has been extended to March 2018.
A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of 2017, OPEC’s Secretary General Mohammad Barkindo said on June 23.