Middle East Economic Survey
OPEC Reins In Over-Production
After four straight months of rising output the 11 OPEC members that participate in output deals have tightened compliance with their 24.845mn b/d production ceiling, MEES data for September and revisions to August figures show. Total OPEC production averaged 28.7mn b/d last month. The reductions, led by Iran, might in part explain why oil prices have remained firm for so long, despite weak fundamentals.