OPEC overshoots oil production quota

OPEC is overshooting its oil production ceiling by 870,000 barrels per day (b/d), according to new analysis by Platts. Crude oil output from the Middle Eastern group of producers rose […]

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By Vicky Ellis

OPEC is overshooting its oil production ceiling by 870,000 barrels per day (b/d), according to new analysis by Platts.

Crude oil output from the Middle Eastern group of producers rose to 30.87 million b/d in January.

In mid-December last year OPEC agreed to cap its output for all 12 members, including Iraq and Libya, at 30 million b/d.