OPEC members will meet next week for talks on implementing an output cut deal, with Russia joining to discuss how producers from outside the group can participate in the plan, according to Venezuela’s oil minister.

Thank you for reading this post, don't forget to subscribe!

Meanwhile Nigeria has also said it won’t have to comply and Libya is unlikely to be asked to because its oil production is a fraction of what it should be. The deal will be finalized when the group meets at the end of next month in Vienna.

According to Petroleum Minister Emmanuel Ibe Kachikwu, Nigeria is not ready to cut its crude production levels from the current 1.7-million barrels a day,

He also said that he doesn’t expect that the oil output freeze will have a significant impact on the energy market. “[Nigeria’s current oil production is] 1.7 million barrels. Right now we need help not cuts,” the minister told reporters.

Ministers from OPEC members Saudi Arabia, Algeria, Gabon, Qatar and the United Arab Emirates will attend a meeting in Istanbul, along with Alexander Novak from non-OPEC member Russia, Eulogio Del Pino said in a government statement late Wednesday.