OPEC pumps over quota in March: Report

OPEC said on Friday that its 10 members with oil supply quotas pumped 1.56 million barrels per day (BPD) over their agreed ceiling in March, when Iraqi exports stopped due to the U.S.-led war on Baghdad.

The Organisation of the Petroleum Exporting Countries said the 10 members, excluding Iraq, supplied 26.06 million bpd on average over the month, basing its estimate on secondary sources, versus a formal ceiling of 24.5 million.

March output from the 10 was 1.41 million bpd higher than February, OPEC said in its monthly oil market report.

For all 11 members, supply was 27.49 million bpd.

Immediately following the outbreak of the war in Iraq, OPEC President Abdullah al-Attiyah said the organisation was resolved to use "available excess capacities" to ensure supply continuity.

Prices have slumped by 30 percent since mid-March, and the cartel has convened an emergency meeting for next week to discuss reining in supplies.

Saudi Arabia pumped 9.29 million bpd in March, versus a quota of 7.96 million, the data showed.

Iraq, which stopped exports shortly before the attack began on March 20, supplied 1.43 million bpd on average.

Venezuelan output recovered sharply after a strike there, while Nigeria slipped due to ethnic violence in its oil-rich delta.

OPEC reduced its forecast call on OPEC crudes for the second quarter to 22.99 million bpd, although call for the following two quarters was raised slightly.

For 2003 as a whole, call on OPEC crude was estimated at 24.69 million bpd, unchanged from the previous month's estimate. (*)