Riyadh will not only cut oil production



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Saudi Energy Minister Khalid al-Faleh said on Wednesday that his country would not cut its own oil production to stabilize the market.

Faleh was in Abuja to meet with Nigerian Oil Minister Emmanuel Ebe Kachiko.

OPEC member Nigeria said it was too early to say whether to participate in the decision to cut production.

The Saudi minister said there were positive signs from Iraq, Nigeria and Libya, OPEC members, ahead of the October 6 meeting of the Organization of the Petroleum Exporting Countries in Vienna, because all ministers want to restore the stability of the oil market.

Kaczko said it was too early to say whether Nigeria would participate in the cuts.

Al-Faleh said that abundant oil inventories might require OPEC and its allies to take steps to reduce production in 2019.

Nigeria was released from the previous round of cuts, which began in 2017, due to a significant drop in output caused by the riots. The country's output has recovered.

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