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OPEC and non-OPEC states might need to reconsider supply cuts -Nigerian minister

Published 09/03/2020, 17:06
Updated 09/03/2020, 17:09
© Reuters.  OPEC and non-OPEC states might need to reconsider supply cuts -Nigerian minister

ABUJA, March 9 (Reuters) - OPEC and non-OPEC states might

need to meet again to reconsider production cuts, Nigeria's oil

minister said on Monday, expressing frustration with the

collapse in oil prices after Saudi Arabia and Russia embarked on

a battle for market share.

Minister of State for Petroleum Timipre Sylva told reporters

that the sharp drop in Brent crude, which fell as much as 30% on

Monday before rebounding, could force a change in tactics. O/R

Saudi Arabia and Russia have pledged to ramp up production

despite substantially weakened global demand, having failed to

come to an agreement last week on supply cuts.

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