OPEC pumping above official quotas

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OPEC pumping above official quotas

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OPEC is pumping oil above its official quotas.

11 December,2011 12:31 pm

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 OPECs quota system due to the countrys 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 cartels official target.Taking into account overproduction and output by Iraq, the Organization of Petroleum Exporting Countries dozen members are supplying 34 percent of the worlds crude oil.Here is a list of current OPEC quotas and the most recent IEA estimates for October.OPEC member Official OPEC quota IEA estimateAlgeria 1.20 (mbpd) 1.29 (mbpd)Angola 1.52 (mbpd) 1.72 (mbpd)Ecuador 0.43 (mbpd) 0.50 (mbpd)Iran 3.34 (mbpd) 3.53 (mbpd)Kuwait 2.22 (mbpd) 2.65 (mbpd)Libya 1.47 (mbpd) 0.35 (mbpd)Nigeria 1.67 (mbpd) 2.02 (mbpd)Qatar 0.73 (mbpd) 0.81 (mbpd)Saudi Arabia 8.05 (mbpd) 9.45 (mbpd)United Arab Emirates 2.22 (mbpd) 2.51 (mbpd)Venezuela 1.99 (mbpd) 2.49 (mbpd)Total excluding Iraq 24.84 (mbpd) 27.32 (mbpd)Total including Iraq N/A 30.01 (mbpd)