Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country's oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast doubt on any plans by members of the Organization of the Petroleum Exporting Countries to voluntarily reduce their output at the meeting in Algeria. "Will that meeting help lift the price? Russian output currently hovers near an all-time high of 10.85 million bpd.

Source: The North Africa Journal August 18, 2016 12:22 UTC