ENERGY

Nigeria Optimistic on OPEC Action: Nigerian officials, speaking after separate meetings with Saudi Oil Minister Hisham Nazer and OPEC President Abdullah al-Attiyah, said they were optimistic that the organization will act to boost prices when it meets in March. Nigerian Oil Minister Don Etiebet, who agreed with Qatari Energy Minister Attiyah to propose a 5% to 10% output cut, stopped short of saying that key producer Saudi Arabia had agreed OPEC should cut back. But he spoke of agreement on ways of injecting new life into the market, where world benchmark Brent oil Friday languished near five-year lows at less than $14 a barrel in London, compared to OPEC’s formal target of $21. In New York, where the price is usually $1 more per barrel, spot crude futures closed at $14.72 a barrel.