OPEC appears to be exceeding its own quotas.

The Organization of Petroleum Exporting Countries is producing about 16.5 million barrels of crude oil per day, or about 700,000 more than the ceiling it set at the December meeting when it also fixed prices at about $18 per barrel, according to Petroleum Intelligence Weekly. The oil journal blamed the overproduction on Iraq, which refused to sign the agreement, and on the United Arab Emirates, Kuwait and Ecuador. Iraq, which rejected its OPEC-assigned quota of 1.46 million barrels a day, is producing about 1.65 million barrels. That is due to rise to as much as 2.5 million barrels by summer.

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