OPEC Members Crude Output Exceeding Quota

The Organization of Petroleum Exporting Countries (OPEC) increased production in last month of 2009 to its highest level this year as members took advantage of rising prices. Output averaged 28.965 million bpd this month according to Bloomberg. All OPEC members except Iraq exceeded their quotas, the report added. 

The group left production targets unchanged at the 22 December 2009 meeting in Luanda, Angola. Output in Iran was flat at 3.795 million bpd exceeding its quota by 459,000 bpd the report claimed. - Kayhan International.