Saudi, Libyan Oil Chiefs Discuss Market Stability Ahead Of OPEC Meeting

Saudi Energy Minister Khalid Falih met with Libya's National Oil Corporation chief Mustafa Sanalla on Thursday, in a bid to secure the country's commitment to output cuts ahead of the OPEC meeting.

MOSCOW (UrduPoint News / Sputnik - 15th November, 2018) Saudi Energy Minister Khalid Falih met with Libya's National Oil Corporation chief Mustafa Sanalla on Thursday, in a bid to secure the country's commitment to output cuts ahead of the OPEC meeting.

"His Excellency said it was important that Libya take part in the decisions made by oil producers next month in order to rebalance the market," the Saudi ministry tweeted.

The Organization of the Petroleum Exporting Countries will meet in December to decide whether its members and a group of major non-OPEC producers need to cut deeper to avoid production glut after a pact in 2016 curbed output by 1.

8 million barrels a day.

Libya was not part of that deal but later promised to keep oil production this year under 1 million barrels a day. OPEC estimated Libya's daily output in October to top 1.1 million barrels. Falih warned this week that oil producers would have to cut production by a further 1 billion barrels to avert flooding the market.