Three OPEC members ignore agreement to cut production
Three OPEC member states won’t be complying with the group’s deal to reduce oil production, according to a new survey.Libya and Nigeria are trying to recover from production halts because of internal conflicts by rebel groups. Angola has also been struggling with a civil war. To show how out of touch its leaders are with history and reality, it recently named a highway after Fidel Castro who ruined Cuba.
Angola will ignore OPEC’s plans to slash production, while Nigeria and Libya aren’t even bound by the cuts, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
Angola increased production by 200,000 barrels a day last month while Nigeria and Libya increased their combined production by 140,000 barrels a day.