OPEC pumping above official quotas

11th December 2011, Comments 0 comments

OPEC, which meets Wednesday to decide on oil output levels, has had an official production target of 24.84 million barrels per day (mbpd) since January 2009.

Excluding Iraq, which is not part of OPEC's quota system due to the country's unrest, the cartel is pumping almost ten percent above the limit.

The International Energy Agency estimated that actual OPEC production, excluding Iraq, stood at 27.32 mbpd in October, or 2.48 mbpd more than the cartel's official target.

Taking into account overproduction and output by Iraq, the Organization of Petroleum Exporting Countries' dozen members are supplying 34 percent of the world's crude oil.

Here is a list of current OPEC quotas and the most recent IEA estimates for October.


© 2011 AFP

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