OPEC Oil Output Runs High for Seventh Month
OPEC's oil output remained high in November for the seventh consecutive month, running at 29.40 million barrels per day (bpd), the Middle East Economic Survey (MEES) reported Monday.
It said a 260,000 bpd fall in Iraqi output was compensated by other OPEC producers, notably Saudi Arabia which pumped an extra 100,000 bpd to reach a level of 8.90 million bpd, or 230,000 bpd over its current quota.
Venezuela's production rose to 3.1 million bpd, an increase of 50,000 bpd, said the Nicosia-based industry newsletter, which put the 11-member OPEC's production for October at 29.41 million bpd.
Last month's production by OPEC members excluding sanctions-hit Iraq, which is exempted from the quota system, was in line with the cartel's quota of 26.70 million bpd that came into effect on November 1 -- NICOSIA (AFP)
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