OPEC Quest Gets Tougher as Libya and Nigeria Ramp Up Oil Supply
- Libya shipping data show biggest flow since November 2014
- Nigeria pumps over 2 million barrels a day as militancy eased
What's Driving the Drop in Oil Prices?
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Nigeria and Libya, two crude suppliers in OPEC whose output was crushed by domestic conflicts this year, are ramping up again and spelling out what could become the producer club’s biggest challenge as it grapples with a global supply glut.
Libya shipped the most oil since late 2014 in October, while Nigeria’s petroleum minister estimated on Tuesday that his country is now pumping in excess of 2 million barrels a day for the first time since the start of the year. Together, they’ve now added about 800,000 barrels a day since September.