Two months ago after a ministerial committee meeting monitoring compliance with the deal, made up of officials from OPEC and those outside the cartel such as Russian Federation said that Nigeria has voluntarily agreed to join the OPEC imitative of production curb and will put a cap on country's production at 1.8 million barrels per day.
"In the coming November meeting, we may not reach a decision to extend... the agreement and we could hold an extraordinary meeting in mid-March for this matter", Marzouq said at a joint news conference with his Venezuelan counterpart in Kuwait City. An extension of at least three months is being discussed among oil producers before Opec meets again in November.
He also said an extension to the cartel's cuts was possible since volumes of oil stocks were still a challenge. He expects Brent crude to average around $55 per barrel next year.
"I have discussed with the Saudi and Kuwait oil ministers (ideas) other than extending the agreement and we are open on all the options", Del Pino said. The committee will meet on September 22 in Vienna, and Almarzooq and Del Pino said there will be no serious discussions of an extension then.
Almarzooq said the committee is now considering six scenarios and may discuss a recommendation to ease production targets for countries that aren't complying fully with the cuts accord.
The drive to re-balance the market by pumping less crude is having some success, and it would be "appropriate" for producers to extend their cuts accord beyond March, Qatar's minister of energy and industry, Mohammed Bin Saleh Al Sada, said Tuesday at a meeting with foreign diplomats in Doha.
Nigeria's oil minister has assured that he will attend the next JMMC meeting, while Libya will send a senior official, probably the head of its national oil company, Almarzooq said.