OPEC Special-Case Nations Add 450,000 Barrels in Threat to Deal
- Libya and Nigeria boost oil production by a combined 19%
- Angolan losses not enough to offset output gains elsewhere
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The OPEC countries claiming exemption from a deal to limit oil production increased output by almost half a million barrels last month, potentially jeopardizing the group’s agreement unless other members deepen their own cuts.
Libya, Nigeria and Iran -- granted special status after OPEC members reached a supply deal Sept. 28 in Algiers -- pumped an extra 400,000 barrels a day in October while Iraq, also demanding an exemption, added 50,000 barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.