Libya and Nigeria Helped the Rise of Opec Production in September
According to Dow Jones on September 29, JBC energy, a Vienna based consultancy, said that OPEC's average daily production in September increased by about 150 thousand barrels despite OPEC's commitment to reducing production to rebalance the market. Libya and Nigeria, the two Opec countries that were exempted from production cuts in September, increased their output by 85,000 and 50,000 barrels, respectively. Some Opec members, notably Russia and Kazakhstan, have stepped up their opposition to the cut, saying it would offset their production cuts. Production is also on the rise in Opec countries involved in the production cut, with Saudi production increasing by 50,000 barrels a day, according to JBC energy. The agency said the compliance rate of Opec's commitments to cut production fell by a percentage in September, to 98 percent.
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