OPEC and non-OPEC states might need to reconsider supply cuts - Nigerian minister

ABUJA (Reuters) - OPEC and non-OPEC states might need to meet again to reconsider production cuts, Nigeria's oil minister said on Monday, expressing frustration with the collapse in oil prices after Saudi Arabia and Russia embarked on a battle for market share. Minister of State for Petroleum Timipre Sylva told reporters that the sharp drop in Brent crude, which fell as much as 30% on Monday before rebounding, could force a change in tactics. Saudi Arabia and Russia have pledged to ramp up production despite substantially weakened global demand, having failed to come to an agreement last week on supply cuts

Reuters March 10, 2020 00:06:24 IST
OPEC and non-OPEC states might need to reconsider supply cuts - Nigerian minister

OPEC and nonOPEC states might need to reconsider supply cuts  Nigerian minister

ABUJA (Reuters) - OPEC and non-OPEC states might need to meet again to reconsider production cuts, Nigeria's oil minister said on Monday, expressing frustration with the collapse in oil prices after Saudi Arabia and Russia embarked on a battle for market share.

Minister of State for Petroleum Timipre Sylva told reporters that the sharp drop in Brent crude, which fell as much as 30% on Monday before rebounding, could force a change in tactics.

Saudi Arabia and Russia have pledged to ramp up production despite substantially weakened global demand, having failed to come to an agreement last week on supply cuts.

(Reporting By Felix Onuah; Writing by Libby George; Editing by David Goodman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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