Opec oil cut threat
LONDON: The Organisation of the Petroleum Exporting Countries’ battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic Basin.
Nigeria has more than 60 million barrels of unsold crude, traders of its oil said, surpassing the level reached when global oversupply peaked two years ago. More export plans are a week away, probably bringing more than 50 million extra barrels. Libya is pouring nearly triple the amount of crude into global markets compared with last year.