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OPEC move to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.  OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018. OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.

At the time the deal to curb output propelled crude prices briefly above $58 a barrel in January but they have since slipped back to a $45 to $50 range as the effort to rebalance the market has been undermined by rising output from U.S. shale producers. The increase production  has offset the impact of the output curbs, as was as predictable  and illustrative of the dilemna OPEC currently face. 

A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by capping or even cutting its output from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd recently.