OPEC’s output is nearing 19 million barrels a day.
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Petroleum Intelligence Weekly attributed OPEC’s increased oil production, a 2 1/2-year high, to several of its members raising their production above their agreed-to quotas. The authoritative oil industry newsletter said in its latest issue that Iran and Iraq were managing to boost their volumes despite the Persian Gulf war, and Saudi Arabia, Kuwait and Libya were also contributing to the upsurge. At an emergency conference two months ago, ministers of the Organization of Petroleum Exporting Countries agreed to hold oil output to 16.3 million barrels a day.
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