Opec oil cut threat

Weekend Argus (Saturday Edition) - - FRONT PAGE -

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.

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