Most OPEC producers pumping over quota: MEES report<\/p>\n
Agencies, Dubai\/Tehran<\/p>\n
Most members of the OPEC oil cartel are producing over quota,
\nthe Middle East Economic Survey (MEES) reports, noting that
\noverall January output was more than one million barrels per day
\nabove target.<\/p>\n
Production by the 10 countries, excluding Iraq, dropped for
\nthe sixth consecutive month, falling by 960,000 bpd to 22.81
\nmillion bpd last month, according to Monday's edition of the
\nindustry newsletter.<\/p>\n
However, that represented an excess of 1.1 million bpd over
\nthe new ceiling agreed in Cairo on Dec. 28 in a bid to shore up
\nflagging world prices.<\/p>\n
"Most countries exceeded their assigned quotas," MEES says.<\/p>\n
"It is understood that much of the January loading program was
\nonly modestly impacted by the new cuts because of the end-
\nDecember quota decision, but that this issue will be addressed
\nmore forthrightly in February," the weekly notes.<\/p>\n
MEES sources said Iranian production in January rose to 3.43
\nmillion bpd from 3.4 million bpd in December.<\/p>\n
"Preliminary information indicates that Mexican and Norwegian
\ncompliance with their pledges has been good, while the jury is
\nstill out on Russia," the Cyprus-based survey says.<\/p>\n
Major independent producers including Russia, Norway and
\nMexico agreed to join the cartel's cuts after a 30-percent slide
\nin oil prices owing to a global economic slowdown caused by the
\nSept. 11 attacks on the United States.<\/p>\n
Organization of Petroleum Exporting Countries (OPEC) Secretary
\nGeneral Ali Rodriguez and Algerian Energy Minister Chakib Khelil
\nare due in Moscow next month to urge Russia not to boost oil
\nproduction, amid analysts' expectations that it will pump more
\ncrude from March.<\/p>\n
MEES also reports that Iraq's January production increased to
\n2.31 million bpd in January -- 1.55 million bpd under the UN's
\noil-for-food prgramme and 760,000 bpd for domestic refineries and
\ncross-border trade -- compared to two million bpd in December.<\/p>\n
Meanwhile, Iran said on Saturday it was not satisfied with the
\ncurrent OPEC basket price for crude oil which is below the lower
\nlimit of the cartel's official $22-28 range, and urged producers
\nto cooperate to shore up prices.<\/p>\n
"Our last decision is still valid...$22 is our last decision
\nand it is valid in our point of view," Oil Minister Bijan
\nZanganeh told Reuters on the sidelines of a regional energy
\nconference in Tehran.<\/p>\n
OPEC's basket rose on Thursday to $19.41 per barrel from
\n$19.25 per barrel a day earlier, but remained below the $22 lower
\nend of the cartel's official price target range.<\/p>\n
Zanganeh also said he believed that OPEC's oil output would
\nnot be altered before a ministerial meeting in Vienna scheduled
\non March 15.<\/p>",
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