CHEATERS: OPEC Oil Production Rose in September Despite Deal to Limit Output.

Output by members of the Organization of the Petroleum Exporting Countries rose by 0.27%, to 32.75 million barrels a day in September, compared with the month prior. The increase was driven by higher production in Libya, Nigeria, Iraq and Gabon, according to OPEC’s closely watched monthly oil market report.

OPEC and other major crude producers like Russia agreed nearly a year ago to cap production at around 1.8 million barrels a day below peak October 2016 levels, with the aim of alleviating oversupply and boosting prices. But the deal has been undermined in part by a surge in production in Libya and Nigeria, the two member countries not included in the deal because their oil industries had been damaged by civil unrest.

The news came a day after Saudi Arabia—OPEC’s largest member—said it would export 7% less crude by sea in November, compared with the same period last year. The move appeared to reassure investors of the cartel’s commitment to draining global oil stocks, giving prices a bounce in trading Tuesday. Brent crude, the global benchmark, closed up 1.5%, at $56.61 a barrel.

Saudi Arabia has indicated repeatedly in recent weeks that it is open to an extension of the production cut agreement, which expires in March, potentially through the end of 2018.

Even a small uptick in prices encourages the more-desperate OPEC members like Libya more reason to cheat — and brings more US shale production back online, too.