No 43



OPEC 10 Production 2.67Mn B/D Over Ceiling In September

MEES estimates indicate that oil production by the OPEC 10 (excluding Iraq) rose by 610,000 b/d in September to 24.370mn b/d, which is 2.67mn b/d or 12.3% over the quota agreement which came into effect on 1 January. Total OPEC production rose 930,000 b/d to 26.19mn b/d in September from 25.26mn b/d in August underpinned by a sharp rebound in Iraqi exports driven by the removal of surcharges by SOMO at the...