OPEC's new official production levels, plus additions
Herewith the new country-by-country production quotas for the 10 OPEC members covered by the output ceilings, to take effect from October 1.
They constitute the third output hike this year by the Organization of Petroleum Exporting Countries (OPEC) in a bid to ease soaring crude prices. The other increases were in March and June.
The overall production increase is 800,000 barrels per day, or roughly 3.15 percent.
Actual production figures however show that OPEC was already cheating on the official figures agreed in June, giving a real daily production level of over 26 million barrels.
All figures are in barrels per day
Country barrels per day
June 2000 from October 1 2000
Algeria 811,000 836,600
Indonesia 1,317,000 1,358,600
Iran 3,727,000 3,843,800
Kuwait 2,037,000 2,101,000
Libya 1,361,000 1,404,200
Nigeria 2,091,000 2,156,600
Qatar 658,000 678,800
Saudi Arabia 8,253,000 8,512,200
United Arab Emirates 2,219,000 2,289,400
Venezuela 2,926,000 3,018,800
Total 25,400,000 26,200,000
OPEC member Iraq does not participate in the quota system since it has been subject to UN sanctions since the Gulf War.—AFP.
©--Agence France Presse.