OPEC Can Absorb ‘Orderly’ Oil Recovery From Libya, Nigeria, Iran
- Group set flexible output target under cuts accord: Barkindo
- OPEC left room for 500,000 barrels in supply gains by members
OPEC's Barkindo Says Libya, Nigeria 'Recovering Fast'
OPEC wants an “orderly recovery” in oil production from Libya, Nigeria and Iran and has a flexible output target under its cuts agreement to accommodate more crude from the three member nations, the group’s Secretary-General Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries was anticipating a revival in production from the three when it set a targeted output range from 32.5 million to 33 million barrels a day under its November agreement, Barkindo told Bloomberg Television on Wednesday at a conference in Istanbul. Nigeria will support a cap on its production, the country’s Minister of State for Petroleum Resources Emmanuel Kachikwu told reporters in the capital Abuja.