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Saudi Arabia will not reduce oil production by itself: Energy Minister



The Saudi Minister of Energy said Wednesday that his country would not reduce oil production alone, while Nigeria indicated that it was too early to say whether it would participate in any decision to reduce the pumping.

Khalid al-Falih was in Abuya for a meeting with Nigerian Minister of Petroleum, Emmanuel Ibe Kachikwu.

The Saudi official said the signs of Iraq, Nigeria and Libya, partners of the kingdom at OPEC, were positive before the meeting that the group will have in Vienna on December 6 because everyone wanted the stability of the oil markets.

Kachikwu said it was too early to say whether Nigeria would participate in any pumping cut initiative.

Falih, whose country is the de facto leader of OPEC, said in early November that the abundance of oil supply could lead the group and its allies to take measures to lower production in 2019.

Nigeria was exempted from the previous round of pumping reduction, which began in 2017, because internal conflicts reduced oil activity. The country's crude oil production has recovered since then.


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