Output over oil quotas eases, says OPEC

The OPEC oil cartel said this morning its 10 members with output restrictions pumped 670,000 barrels per day (bpd) above quota…

The OPEC oil cartel said this morning its 10 members with output restrictions pumped 670,000 barrels per day (bpd) above quota in August - slightly less than July's 740,000 bpd.

The 10 countries with quotas, excluding sanctions-bound Iraq, pumped 24.87 million bpd quotas, according to selected secondary sources used by OPEC to monitor its own output.

Their agreed ceiling was 24.2 million bpd.

Iraq pumped a total of 2.81 million bpd in August, bringing the total OPEC production to 27.68 million bpd, OPEC's secretariat said.

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The 10 members with quotas agreed to reduce their ceiling to 23.2 million bpd from September 1st, in a continuing campaign to keep its reference price at $25 per barrel.

OPEC said it had revised downwards its projection for world oil demand growth this year by 60,000 bpd to 640,000 bpd and expected total demand of 76.35 million.

It saw the call on OPEC oil next year, assuming zero stock change, at 27.1 million bpd, unchanged from last month.