Nigerian Oil Minister: OPEC unlikely to cut oil production

Oil producers belonging to the Organization of the Petroleum Exporting Countries (OPEC) are unlikely to agree to reducing collective output to rebalance the global energy market, Nigerian Petroleum Minister Emmanuel Ibe Kachikwu said.

"On oil production cuts by OPEC, optimism on my part is quite sparse but I believe engagement with the 70% oil producers might have impact," Kachikwu wrote on his official Twitter account on Monday.