March 9, 2020 / 4:41 PM / in 3 months

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

FILE PHOTO: Minister of State for Petroleum Timipre Sylva attends the Nigerian International Petroleum Summit in Abuja, Nigeria February 10, 2020. REUTERS/Afolabi Sotunde/File Photo

ABUJA (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.

Reporting By Felix Onuah; Writing by Libby George; Editing by David Goodman

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