Rising output from Libya, Nigeria cuts odds of rebalancing IEA’s Birol says $60 oil will boost N. American production There may be a higher probability of an agreement to cut oil production but the deal may prove self-defeating if resulting rise in prices boosts supply from other producers, according to Goldman Sachs Group Inc. “Recent comments by Saudi Arabia and Russia point to a greater probability of a production cut,” analysts including Damien Courvalin and Jeffrey Currie said in a note dated Oct. 10. Still higher output from Libya, Nigeria and Iraq are lowering the odds of rebalancing next year. Even if a deal is achieved and successfully implemented, an initial recovery in prices and fundamentals would progressively be undone as non-OPEC output reacts to higher prices, they said. Oil surged to the highest level since July 2015 in New York Monday as the world’s two largest producers Saudi […]