Opec may call for more cuts

KEY OPEC and non-Opec oil nations would discuss the situation in producers including Libya and Nigeria at a meeting today, Russian Energy Minister Alexander Novak said yesterday. Speculation has been swirling in oil markets that the meeting might ask Libya and Nigeria to join a production cutting deal from which they were currently exempt. Six Opec and non-Opec ministers will meet today in St Petersburg to discuss the market outlook and compliance with output cuts. Novak said Russian output had fallen by about 300 000 barrels a day since October. – Reuters