Indonesia only OPEC member observing quota agreement: Analyst

Indonesia is the only OPEC member which has not produced oil over quota agreement in September, an analyst was quoted as saying by Times Online.

Mehdi Varzi, analyst at Dresdner Kleintwort Wasserstein, said the 10 OPEC states, excluding Iraq, were pumping at a rate of more than three million barrels per day (bpd) in excess of their 21.7 million bpd production ceiling.

?It?s huge, I calculate it at 3.6 million barrels per day. Every OPEC member is over his quota except Indonesia. In October, Algeria was 50 percent over quota,? Varzi said.

Indonesia, Asia?s only OPEC member, has a quota of 1.125 million bpd from the cartel.

Reports said Indonesia?s crude oil production rose slightly to 1.12 million bpd in October from 1.10 million bpd in September.

OPEC had been under pressure to increase production amid fear of a US-led war on Iraq.

Aside from Indonesia, the other nine members of OPEC are Algeria, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. (leo)