Energy minister: Saudi Arabia will not cut oil production alone
Saudi Energy Minister Khalid al-Faleh said on Wednesday that his country would not cut oil production alone to stabilize the market, while OPEC member Nigeria also said it was too early to say whether it would participate in any decision to cut output.
Faleh is in Abuja to meet with Nigerian Oil Minister Emmanuel Ebe Kachiko. The Saudi minister said there were positive signs from Iraq, Nigeria and Libya, OPEC members, ahead of the December 6 meeting of the Organization of the Petroleum Exporting Countries in Vienna, as all ministers were keen to restore stability to the oil markets.
Kaczko said it was too early to say whether Nigeria would participate in any cuts.
Al-Faleh said in November that the abundance of oil supplies may require OPEC and its allies to take steps to cut production in 2019.
Nigeria was exempted from the previous round of cuts, which began in 2017, due to significant output declines caused by unrest. The country's output has since recovered.