However, oil companies in many Organization of the Petroleum Exporting Countries (OPEC) such as Saudi Arabia are owned by the government while in countries such as Nigeria contracts stipulate that the government can tell private companies to adjust production.
“In OPEC, oil production is essentially a ‘country’-run business…production can be increased or decreased by a relatively small group to influence the global situation,” said Wood Mackenzie analyst Andrew Mitchell.
“In nickel it’s more disparate – although Indonesia obviously controls a lot of output, there are large producers elsewhere.”
Canada produced 130,000 tonnes of nickel in 2021, according to U.S. Geological Survey (USGS). It is “very unlikely” to participate in any OPEC-like group, a Canadian source familiar with the discussions said on Thursday.
Indonesia is expected to produce between 1.25 and 1.5 million tonnes of nickel this year, more than…
