OPEC’s flexible output target can absorb oil recovery from Nigeria, others – Barkindo

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OPEC’s Secretary-General Mohammad Barkindo said the group 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, Bloomberg reports.

The Organization of Petroleum Exporting Countries 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.

“What we would like to see is an orderly recovery that would not disrupt significantly the re-balancing of the market, which is a very delicate process which has taken longer than expected because of the change in fundamentals,” he said. By setting a range for the production ceiling, OPEC was “making provisions for the expected recovery of production” from Libya, Nigeria and Iran, he said.