OPEC Under Pressure to Act in Algiers as Surplus Triples
- Nigeria and Libya revive output as Russia raises production
- Saudis said to be willing to reduce output if Iran freezes
U.A.E. Warns OPEC Against Hasty Decisions
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As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal.
More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would imply a tripling of the supply surplus, estimated currently at about 400,000 barrels a day by the International Energy Agency.