Oil Hovers Near $44 as Market Weighs Libya, Nigeria Output Caps
- OPEC members invited to committee meeting July 24: Kuwait
- Russia’s Novak says output pact is working “successfully”
Oil Sees Weekly Decline as U.S. Output Rises
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Oil closed above $44 a barrel as the market weighed the likelihood and potential effectiveness of Libya and Nigeria capping production.
The two African producers, which have boosted output since being exempt from OPEC cuts, have been invited to a July 24 meeting in Russia to discuss the stability of their production, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul. Russian Energy Minister Alexander Novak said the oil market situation will be discussed at the meeting and the pact between OPEC and non-OPEC is working “successfully.”