Outcome of 173rd Meeting of OPEC Member Countries

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The 173rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) ended today in Vienna, Austria and extended its current production agreement entered with participating Non-OPEC oil producers for another 9 months and the Declaration of Cooperation amended to take effect for the whole year of 2018 from January to December 2018.
The meeting also took note of Nigeria and Libya’s incremental production and noted their special circumstances while agreeing to maintain their exemption from the production quota.
Nigeria and Libya have committed to join the production reduction agreement once they are able to produce collectively a volume of 2.8 million barrels per day with Nigeria put at 1.8 million barrels per day and Libya, 1 million barrels per day.

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