OPEC output exceeds quota by 1.5 million barrels per day
Tuesday, November 30 2004 - 12:21 PM WIB
Members of the Organization of Petroleum Exporting Countries (OPEC), excluding Iraq, are producing 1.5 million barrels per day (bpd) of crude above its quota of 27 million bpd, OPEC President Purnomo Yusgiantoro said Tuesday.
?If Iraqi output is added, OPEC production could reach 30.5 million bpd,? Purnomo told reporters.
The cartel will meet next month in Cairo to discuss its options, including possible changes to production levels, for next year.
Purnomo said he didn?t know for sure if the upcoming OPEC conference on Dec. 10 would propose production cut.
OPEC consists of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. (godang)