Pipelines are seen at the industrial zone at the oil port of Brega, Libya, January 12, 2017. REUTERS/Esam Omran Al-Fetori
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OPEC's battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic basin.Nigeria has more than 60 million barrels of unsold crude, traders of its oil said, surpassing the level reached when global oversupply peaked two years ago. Few expected the two nations' output to rebound so quickly, and it could scupper OPEC's plans to lift oil prices out of a nearly three-year-long slump. The 14-nation Organization of the Petroleum Exporting Countries two weeks ago extended a deal struck in December with several nonmember oil producers to cut output by 1.8 million barrels per day (bpd) from levels seen late last year.
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