No 37



OPEC10 Production More Than 2Mn B/D Over Quota

Oil production by the OPEC 10 (OPEC minus Iraq) rose by 240,000 b/d in August to23,760mn b/d, which is 2.06mn b/d over the quota agreement which came intoeffect on 1 January. Total OPEC production, however, fell by 90,000 b/d to25.26mn b/d in August from 25.35mn b/d in July with declines in Iraqi andIranian output in the month outweighing the sharp increase in Venezuelanproduction and the small rises seen in the...