OPEC exempts Libya from oil production cuts in 2018

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OPEC exempts Libya from oil production cuts in 2018

December 02, 2017 - 18:46
Written by: AbdulkaderAssad

OPEC exempted Libya and Nigeria from oil output cuts in 2018 on the condition that the output limit will be as that reached in 2017, without specifying the number.

OPEC and Non-OPEC members agreed to cut oil production until the end of 2018. This strategy aims at decreasing oil supply so that prices can increase after hitting pretty low levels over the last two years.