Saint Petersburg (IINA) � Oil prices held around a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya, Reuters reported.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in the Russian city of Saint Petersburg on Monday to review market conditions and examine any proposals related to their pact to cut output.
OPEC and some non-OPEC states including Russia agreed last year to cut production by 1.8 million barrels per day, in a deal that has been extended to March 2018.
Sources familiar with the talks said the meeting may recommend a conditional cap on production from Nigeria and Libya � two OPEC members so far exempt from output cuts � although some analysts were deeply skeptical the group would make such a move.
Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.
Source: International Islamic News Agency