Opec can absorb ‘orderly’ recovery from Libya, Nigeria and Iran

Barkindo: Shale producers need to join us so that together we can restore stability and maintain it. – AFP

KUWAIT: The Organisation of Petroleum Exporting Countries (Opec) wants an “orderly recovery” in oil production from Libya, Nigeria and Iran and has a flexible output target under its cuts agreement to accommodate more crude from the three member nations, according to the group’s secretary-general Mohammad Barkindo.

Opec was anticipating a revival in production from the three when it set a targeted output range from 32.5 million to 33 million barrels a day under its November agreement, Barkindo told Bloomberg Television on Wednesday at a conference in Istanbul.