AMN
Oil prices were little changed today following a steep fall in the previous session amid growing expectations that the joint OPEC and non-OPEC ministerial meeting later in the day would address rising production from Nigeria and Libya, two OPEC members exempted from the cuts.
Six OPEC and non-OPEC ministers will meet today in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production. Sources familiar with the talks said, the joint OPEC/non-OPEC ministerial committee could also discuss a deeper cut in production, but more studies are needed.
Kuwait’s oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper cuts were possible.