OPEC Produces 2.67m bpd Over Output Quota: MEES

October 27, 2002 - 0:0
NICOSIA -- The OPEC oil cartel produced 2.67 million barrels per day (bpd), or 12.3 percent, over quota agreements in September, the Middle East Economic Survey reports in its Monday edition.

Production by the 10 member states, minus Iraq, rose by 610,000 bpd last month to 24.370 million bpd, AFP quoted the industry newsletter as saying.

Total OPEC production, including Iraq, rose 930,000 bpd to 26.19 million bpd from 25.26 million in August. Baghdad exports rebounded sharply, driven by an end to a surcharge.

Oil production from eight OPEC states, Indonesia and the United Arab Emirates being the exceptions, was at its highest level so far this year.

"The data shows that quota compliance continues to deteriorate with September marking the seventh consecutive month where oil production has increased for the OPEC 10," the Cyprus-based weekly says.

Iranian production jumped to 3.7 million bpd from 3.35 million bpd in August.

"September's date also unsurprisingly shows that the countries that have publicly declared their intent for an upwards review of their quota allocation are exceeding their present quotas by the largest amount in percentage terms.

"Thus Algeria, Venezuela and Nigeria exceeded their quotas fixed in January by 30 percent, 24 percent and 12 percent respectively in September. "In volume terms Saudi Arabia overproduced by 647,000 bpd in September, closely followed by Venezuela (603,000 bpd) and Iran (514,000 bpd)."

Iraq, which is not subject to the quota system, saw production rise to 1.82 million bpd.