Opec

OPEC drosselt überraschend ihre Fördermenge
Die Organisation Erdöl exportierender Länder (OPEC) beschloss heute überraschend, ab dem 01. November ihre Förderquoten um 900.000 Barrel täglich zu kürzen. Diese Entscheidung wurde vom kuwaitischen Ölminister Scheich Ahmad el Fahd el Sabah in Wien bekannt gegeben. Derzeit liegt die offizielle Fördermenge der zehn eingebundenen OPEC-Staaten ohne Irak bei täglich 25,4 Millionen Barrel.

Der Ölpreis legte nach der überraschenden Ankündigung deutlich zu. Händler hatten mit einer unveränderten Fördermenge gerechnet, da der Ölpreis zuletzt stabil innerhalb des Zielbandes von 22 bis 28 Dollar je Barrel lag. Zudem erwarten sie keine schnellen Fortschritte der irakischen Ölindustrie. Der Wiederaufbau wird durch Sabotage und Plünderungen behindert. Derzeit produziert das Land etwa zwei Drittel der Ölmenge, die vor Kriegsausbruch gefördert wurde.

Jüngste Umfragen ergaben, dass die derzeit knappen Lagerbestände im Schlussquartal 2003 anwachsen werden. Die OPEC sorgt sich deshalb, dass die Märkte im kommenden Frühjahr überversorgt sein könnten und dass dies zu einem Preisverfall führt. Ein Kürzungsbeschluss wurde heute aber trotzdem nicht erwartet.

Heute nahm der Irak erstmals seit Beginn des 2. Irakkriegs wieder an einem Treffen der Organisation Erdöl exportierender Länder (OPEC) teil. Das Gründungsmitglied war seit dem 1. Irakkrieg Anfang der 90er von den Beratungen über die Fördermengen ausgeschlossen. Bei der heutigen Sitzung durfte das Land wieder als vollwertiges Mitglied in Wien teilnehmen. Zuvor hatte sich Venezuela gegen eine Rückkehr Iraks als Vollmitglied ausgesprochen, solange die irakische Übergangsregierung nicht international anerkannt und legitimiert ist.

Quelle: Finanzen.net


dusselköppe ...und das wo der winter vor der tür steht, nene...so wird das nix mit konjunkturerholung.....

OPEC-Präs: Kein Mitglied disk. weitere Limit-Senkung im Dez
Wien (vwd) - Bei der jüngsten Ministerkonferenz der Organisation Erdöl exportierender Länder (OPEC) am Mittwoch ist nach den Worten von OPEC-Präsident Abdullah bin Hamad Al Attiyah nicht über mögliche weitere Förderkürzungen beim nächsten Treffen im Dezember gesprochen worden. Einige OPEC-Minister hatten am Mittwoch im Anschluss an die Konferenz, bei der überraschend eine Senkung der Förderobergrenze um 3,5 Prozent beschlossen worden war, angedeutet, im Dezember könnten weitere Produktionskürzungen beschlossen werden, sollte der Ölpreis sinken.

Der OPEC-Präsident teilte nun am Donnerstag mit, keiner der teilnehmenden Minister habe dies am Mittwoch zum Thema gemacht. Allerdings sei die OPEC fest entschlossen, den Ölpreis in dem von ihr angepeilten Preisband zu halten. Das Ministertreffen am 4. Dezember ermögliche eine Prüfung der Märkte.
vwd/DJ/25.9.2003/gs/hab

OPEC-Korbpreis steigt auf 26,37 (25,59) USD je Barrel
London (vwd) - Der Korbpreis für sieben Rohölsorten der Organisation Erdöl exportierender Länder(OPEC) ist am Donnerstag auf 26,37 USD/Barrel von 25,59 USD/Barrel am Mittwoch gestiegen, wie die Nachrichtenagentur der OPEC, Opecna, am Freitag mitteilte. Am Mittwoch hatte die OPEC ihre offizielle Fördermenge mit Wirkung zum 1. November um 0,9 Mio auf 24,5 Mio Barrel je Tag (bpd) gesenkt und damit ihren Willen bekräftigt, den Preis von 25 USD/Barrel zu verteidigen. Gemäß dem Preisbandmechanismus der Organisation wird die Fördermenge um 500.000 bpd erhöht, falls sich der Korbpreis für 20 Handelstage in Folge über der oberen Preisgrenze von 28 USD je Barrel hält. Umgekehrt wird die Förderung um 500.000 bpd gesenkt, falls er die untere Preisgrenze von 22 USD an zehn Handelstagen in Folge unterschreitet. Nachfolgend erhalten Sie die Notierungen der letzten 20 Handelstage:

OPEC-Korbpreis steigt auf 26,82 (26,38 ) USD je Barrel
London (vwd) - Der Korbpreis für sieben Rohölsorten der Organisation Erdöl exportierender Länder(OPEC) ist am Dienstag weiter auf 26,82 USD/Barrel gesteigen nach 26,38 USD/Barrel am Montag. Das teilte die Nachrichtenagentur der OPEC, Opecna, am Mittwoch mit. Am Mittwoch vergangener Woche hatte die OPEC ihre offizielle Fördermenge mit Wirkung zum 1. November um 0,9 Mio auf 24,5 Mio Barrel je Tag (bpd) gesenkt und damit ihren Willen bekräftigt, den Preis innerhalb des Preisbandes von 22 bis 28 USD/Barrel zu halten. Gemäß dem Preisbandmechanismus der Organisation wird die Fördermenge um 500.000 bpd erhöht, falls sich der Korbpreis für 20 Handelstage in Folge über der oberen Preisgrenze von 28 USD je Barrel hält. Umgekehrt wird die Förderung um 500.000 bpd gesenkt, falls er die untere Preisgrenze von 22 USD an zehn Handelstagen in Folge unterschreitet

[Goldfisch]

OPEC Has "Understanding" $28/Bbl Is Price Floor -Source



VIENNA -(Dow Jones)- A senior OPEC source said Monday the group has "an understanding" the bottom end of its preferred price range is $28 a barrel for its reference basket of crude oils, and not $22 a barrel.

The source, speaking to Dow Jones Newswires on condition of anonymity, said there was nothing official in place, yet it was a "loose" agreement that the group move away from a target price of $25 a barrel "plus or minus $3."

The move equates to a 27% rise in the price floor.

The source confirmed what many observers suspect is a private pact to maintain prices at a higher level.

As recently as Sunday, Saudi newspapers had quoted Saudi Arabia's Minister of Petroleum & Mineral Resources, Ali Naimi, reiterating oft-stated OPEC policy that oil at $25 a barrel is fair for consumers and producers.

OPEC's basket of seven crude oils tend to trade some $2-$4 below U.S. benchmark blends.

Also Sunday, another senior source, responding on condition of anonymity, said he didn't expect a meaningful drop in the group's oil output unless the price of OPEC's basket of crude drops from near $32 currently, to near $28.

On paper, OPEC has a mechanism intended to keep its basket price within a $22- $28 a barrel range by raising output by 500,000 barrels a day if the basket price holds above $28/bbl for 20 consecutive trading days, or lowering output by 500,000 b/d if the basket price stays below $22/bbl for 10 consecutive trading days.

Yet it has ignored the mechanism for now, citing the depreciation of the U.S. dollar and what it thinks are unusual world oil market conditions, driven by speculators and not fundamentals.

According to OPEC's news agency, Naimi told local papers; "We in OPEC see that $25 a barrel is a fair price for producers, consumers, and that, in the long term, a price between $22 and $28/bbl should be realized."

Asked whether OPEC will discuss raising its target price to $32/bbl to make up for the drop in the value of the U.S. dollar against other major currencies, Naimi said: "No member has presented such a proposal," adding that "such a proposal won't be discussed unless presented by a member country."

OPEC is gathering in Vienna ahead of policy talks Wednesday intended to gauge whether now is the right time to implement a previous agreement to lower its output ceiling of 24.5 million b/d by 1 million b/d.

-By Sally Jones, Dow Jones Newswires; +44 207 842 9347; sally.jones@ dowjones.com


Dow Jones Newswires
03-29-041305ET

[PC-Oldie-Udo]

Ö L P R E I S

Opec macht Hahn dicht

| 31.03.04 |

Die Opec berät in Wien über eine Kürzung der Fördermenge. Eine Explosion in einer der größten Raffinerien der Welt ließ den Ölpreis derweil weiter steigen.

...

http://focus.msn.de/hps/fol/newsausg...be.htm?id=1118

[Goldfisch]

01. April 2004
12:49 MEZ US-Regierung kritisiert OPEC-Entscheid

Energieminister von Fördermengenpolitik enttäuscht - Benzinpreis als Reizthema im Wahlkampf - Senator Schumer: "Was das Öl betrifft sind die Saudis längst nicht mehr unsere Freunde"

Benzinpreise als Reizthema im US-Wahlkampf: Demokraten üben Druck auf Bush aus, mehr Druck auf dei OPEC auszuüben

Washington - Die US-Regierung hat den Beschluss der OPEC zur Umsetzung der geplanten Senkung der Fördermengen öffentlich kritisiert. Damit wich Washington von dem bisher verfolgten Kurs einer stillen Diplomatie gegenüber dem Kartell der Erdöl produzierenden Länder (OPEC) ab.

Abraham will abfedern

US-Energieminister Spencer Abraham sagte am Mittwoch in Washington, er sei "enttäuscht" von der Entscheidung der OPEC-Mitglieder in Wien am Mittwoch. Zugleich kündigte er an, die US-Regierung werde versuchen, die Folgen der Drosselung der Fördermengen für die Verbraucher abzufedern. "Diese Regierung setzt sich aktiv für die Interessen der US-Bevölkerung ein und unterstreicht gegenüber den starken Produzenten, dass hohe Energiepreise unakzeptabel sind", sagte er.

Die Benzinpreise sind inzwischen zum Reizthema im Wahlkampf in den USA geworden. Im Blick auf das OPEC-Treffen in Wien hatten Dutzende Senatoren der Demokraten an Präsident George W. Bush geschrieben und von ihm mehr Druck auf die OPEC verlangt.

"Saudis längst nicht mehr unsere Freunde"

Nachdem sich Saudiarabien entgegen den Erwartungen in Wien nicht für einen Alternativkurs eingesetzt hatten, erklärte der New Yorker Senator Charles Schumer, was das Öl betreffe, seien "die Saudis längst nicht mehr unsere Freunde". Das hätten die regierenden Republikaner offenbar nur noch nicht begriffen.

Die OPEC hatte am Mittwoch beschlossen, die geplante Senkung der Förderquoten in vollem Umfang umzusetzen. Demnach soll die Messlatte für die Produktionshöchstmenge wie angekündigt ab April um vier Prozent reduziert werden, um einem befürchteten Preiseinbruch im Frühjahr entgegenzuwirken. Mit dem Beschluss setzte sich die Organisation Erdöl exportierender Staaten (OPEC) über Bedenken aus den großen Industrieländern hinweg, die in den hohen Energiekosten ein Hindernis für die erhoffte konjunkturelle Belebung sehen. (APA/Reuters)

Quelle: derStandard.at

[Goldfisch]

08.04.2004 - 15:27 Uhr
EIA: OPEC-Förderung sinkt im März um 505.000 auf 25,87 Mio bpd

NEW YORK (Dow Jones-VWD)--Die Ölförderung der Organisation Erdöl exportierender Länder (OPEC) ist im März gegenüber dem Vormonat um 505.000 Mio Barrel pro Tag (bdp) auf 25,87 Mio bpd gesunken. In diesen Berechnungen sei der irakische Ausstoß nicht berücksichtigt, teilte die Energy Information Agency (EIA) am Donnerstag mit. Die irakische Produktion erhöhte sich im März schätzungsweise um 200.000 bpd auf rund 2,2 Mio bpd, hieß es weiter. Offiziell dürfen die OPEC-Länder ohne Irak ab 1. April nur noch 23,5 Mio bpd fördern.

Zugleich erhöhte die EIA ihre Prognose für die weltweite Ölnachfrage und für die Nachfrage in den USA im 2. und 3. Quartal. Vor allem China, das ein hohes Wirtschaftswachstum verzeichnet, sowie die US-Autofahrer werden der EIA zufolge mehr Ölprodukte nachfragen. Bereits in den vorangegangenen Monaten hatte die US-Agentur ihre Nachfrageschätzungen angehoben und damit eine starke Nachfrage trotz hoher Ölpreise signalisiert.
Dow Jones Newswires/8.4.2004/apo/ptr

[Goldfisch]

OPEC´s Purnomo : OPEC allowing over quota oil production, March OPEC ten average 25.945-mil b/d

Reuters



OPEC´s president Purnomo Yusgiantoro

By Elio Ohep of Petroleumworld
CARACAS
Petroleumworld.com 04 20 04

OPEC president Purnomo Yusgiantoro said Monday in Jakarta that the OPEC organization is allowing its members to overproduce their 23.5-mil b/d crude production ceiling because oil prices remain high, according to a report from news agencies.

"We allow the leakage [in order] to stabilize the currently high oil price," Purnomo, who is also Indonesian oil minister, said after a meeting with Indonesian president Megawati Sukarnoputri, reported Platts.

"We hope it can drive the oil price into our price band [of] $ 22-28/bbl." Purnomo added, quoted Platts.

OPEC's new 23.5-mil b/d ceiling, came into effect at the beginning of April.

OPEC said Friday in its Monthly Oil Market Report its ten members with quotas pumped an average 25.945-mil b/d in March, close to 2.5-mil b/d more than the 23.5-mil b/d ceeling o at the present and 1.5 more that ceiling which prevailed at the time.

Also, the OPEC´s Monthly Oil Market Report said its eleven members, including Iraq, pumped an average 28.301-mil b/d of crude in March.

OPEC, which uses media "secondary sources" to monitor its own output, also revised the estimated of its February production downwards by more than 200,000 b/d, from 28.14-mil b/d to 27.931-mil b/d.

OPEC Output Survey

Mar Feb-a

Saudi Arabia 8.318 8.443

Iran 3.888 3.867

Venezuela 2.537 2.522

UAE 2.233 2.253

Nigeria 2.358 2.328

Kuwait 2.230 2.235

Libya 1.470 1.466

Indonesia 0.975 0.984

Algeria 1.183 1.167

Qatar 0.755 0.756

TOTAL(10) 25.945 26.020

Iraq 2.356 1.911


TOTAL(11) 28.301 27.931

-a. Prior month's figures are revised.

Source: OPECNA

By Elio Ohep of Petroleumworld, eohep@petroleumworld.com, 58 412 992 3730

Petroleumworld News, April 19, 2004

[Goldfisch]

26.04.2004 - 18:03 Uhr
Venezuela will Anhebung des OPEC-Preisbandes vorschlagen

RIO DE JANEIRO (Dow Jones-VWD)--Venezuela will beim OPEC-Ministertreffen im September vorschlagen, das angestrebte Preisband um 2 USD anzuheben. Der Ölminister des Landes, Rafael Ramirez, sagte am Montag, dass bis zum nächsten Treffen der Organisation Erdöl exportierender Länder (OPEC) im Juni nicht genug Zeit bleibt, um den Vorschlag auszuarbeiten. Derzeit reicht das Preisband des Rohstoffkartells von 22 bis 28 USD je Barrel.

Gemäß dem Preisbandmechanismus wird die Fördermenge um 500.000 Barrel pro Tag (bpd) erhöht, sollte der Korbpreis an 20 Handelstagen in Folge über der oberen Preisgrenze von 28 USD/Barrel notieren. Umgekehrt wird die Förderung um 500.000 bpd gesenkt, falls er die untere Preisgrenze von 22 USD an zehn Handelstagen in Folge unterschreitet.

Seit Anfang Dezember liegt der OPEC-Korbpreis über dem offiziell angestrebten Preisband. Allerdings hat das Kartell erklärt, dass der Preisbandmechanismus vorerst nicht ausgelöst wird.
Dow Jones Newswires/26.4.2004/apo

[Goldfisch]

Opec denkt an Änderung des Preisbandes

http://www.faz.net/aktuell/wirtschaf...s-1158674.html

[Goldfisch]

Qatari minister: OPEC to discuss price band hike Friday, April 30, 2004

PARIS (AP) - Ministers from the Organization of Petroleum Exporting Countries are likely to discuss a possible increase in their targeted prices for crude when they meet next in June, Qatar's oil minister said Thursday.

Calls from within OPEC for higher price targets have provoked consternation among industrialized countries and a warning from the Paris-based International Energy Agency that such a move would hurt the global economy.

Speaking to an industry conference in Paris, Qatari Oil Minister Abdullah bin Hamed al-Attiyah acknowledged there were suggestions to raise OPEC's targeted prices from their current US$22-US$28 range, but he declined to say whether Qatar favored an increase.

Al-Attiyah said he was not yet aware of any formal proposal to increase the targets at OPEC's June 3 ministerial meeting in Beirut, but he added that oil ministers were likely to discuss the idea.

"We will have a chance to see what's going on and see how this suggestion would be implemented," the minister said.

"It's still not very clear to me - and I'm a member of OPEC," he added. Al-Attiyah served as OPEC's president in 2003.

Under OPEC's so-called price band mechanism, members are supposed to cut output if oil prices dip below US$22 a barrel for 10 consecutive trading days.

They have pledged to boost production if prices exceed US$28 a barrel for 20 consecutive trading days.

In reality, OPEC members have ignored the mechanism whenever it suits them. OPEC has so far held back from increasing supply even though prices have remained consistently above the targeted range since Dec. 5.

The group's benchmark price for oil, based on a "basket" - or blend - of seven crudes, averaged US$33.67 (28.45) a barrel Wednesday, the most recent day for which OPEC compiled information.

Earlier this week, OPEC president Purnomo Yusgiantoro said the group would study whether to increase its targeted price band to compensate for inflation and a weaker dollar.

Oil is bought and sold in dollars, and some OPEC members have complained that the dollar's recent weakness is squeezing their main source of income.

The comments echoed suggestions by OPEC member Venezuela for an upward revision to the price band, which OPEC set at its current levels in mid-2000.

But Saudi Arabia, the most powerful of OPEC's 11 members, has so far rejected any change.

"We are committed to a price of US$25 for the OPEC basket or a US$22 to US$28 band for the OPEC basket," Oil Minister Ali Naimi said Monday in New York, where he was taking part in a Foreign Policy Association panel discussion on U.S.-Saudi relations. - AP

Quelle: Oil Prices

[Goldfisch]

Vol XXVII NO. 50 Sunday 9 May 2004

Iran 'won't oppose Opec plan to boost oil output'


TEHRAN:

Iran's Opec governor said yesterday he expected oil prices to remain high for the next three to four months but Iran would not oppose a production increase when the oil group meets next month.

"It seems we will not see a drop in oil prices in the next three or four months," Hossein Kazempour Ardebili told the reformist Sharq daily.

"The market is not facing a supply problem now. The increase in the reserves of oil consuming countries indicates that."

Kazempour said a move to increase production would be pandering to the United States, which has complained that high oil prices were hampering the world economy.

"If Opec decides to boost its production by one million barrels per day, such a decision must be viewed as political, to escape from the pressure of US propaganda," he said.

NymexJune crude settled at $39.93 on Friday.

Iranian Oil Minister Bijan Zanganeh said high-flying oil prices have nothing to do with Opec but are stoked by Middle East political tension and US refining problems.

"The oil price increase is not related to Opec," he said.

"Instability in the Middle East... and technical problems in US refineries are among the factors that have pushed prices," he added.

Zanganeh repeated his view that there were 3 to 3.5 million barrels of daily oversupply in the market buoying reserves. Last Saturday he said this level of oversupply could deflate oil prices suddenly.

Opec next meets in Beirut on June 3. Zanganeh also reiterated his view that he favoured oil prices at $28 per barrel, seeing no need to change the Opec price band.

[Goldfisch]

Opec quota rise may not cool oil markets



By Syed Rashid Husain

RIYADH, May 15: Calls from Saudi Arabia, the UAE, Kuwait and even Iran to increase the Opec output quota, by somewhere around 1.5-2 million bpd from the current 23.5 million bpd, may not make much difference in the oil markets.

Opec is already over producing by somewhere between that figure and the decision to increase the quota may just formalize the overproduction. The bull run continues.

The oil prices are already at their highest levels since 1990 first Gulf war. This is thus despite the fact that Opec has virtually opened its taps, signifying an issue deeper than just the question of supply and demand.

To many, the global energy markets are not heating up because of any cutback in crude supplies to the markets. Unnerved sentiments, due to a host of reasons, are acting the other way and are to be blamed for the current rise in market prices, many here strongly believe.

There is a definite concern in the market, and not without any basis, about the security of supplies from this prime oil producing region. Allied with the lack of refining capacity in its biggest market - the US, the galloping Chinese consumption and speculative trading in oil - the crude markets are indeed faced with a daunting task of balancing. But could Opec be blamed for all this mayhem in the global energy markets, as some are trying to portray?

Opec President Purnomo Yusgiantoro said last Wednesday Opec was currently producing 1.5 million bpd more than its official output limit and strongly contended that there was enough fuel in the market.

To most of the analysts, and as per various market reports, it is more than evident now that despite announcements, April output cuts were never put into implementation by Opec members.

Saudi Arabia is now urging the Opec to increase output quota by 1.5 million bpd to quench the oil thirst. Kuwait and the UAE have been urging to increase the output quota for sometime now.

Indications are that during the Amsterdam meeting of the oil producers and the oil consumers, the Opec ministers may agree to a formal output increase, which later could be formalized during the early June Beirut Opec meeting.

But would it change the market balance? The indications are in fact to the contrary.

UAE Oil Minister Obaid bin Saif al-Nasseri also believes Opec is already is pumping some two million barrels daily in excess of formal limits, largely ignoring the supply curbs that were supposed to come into effect last month.

[Goldfisch]

Last Update: Sunday, May 23, 2004. 7:06am (AEST)

OPEC opts against immediate boost to output
Oil cartel OPEC has put off a decision on a Saudi Arabian proposal to raise oil output until its next official meeting in June.

The Saudi plan was devised in an effort to reduce surging prices.

Saudi Arabia was responding to the worries of governments and consumers about surging oil prices with its proposal to raise output but its move did not win immediate support from other OPEC countries.

Flexing its muscles as the world's biggest oil producer, the kingdom proposed to boost OPEC production by more than 2 million barrels a day, provoking a mixed reaction from within the cartel.

OPEC ministers were meeting in Amsterdam for an informal meeting on the sidelines of a world energy summit amid mounting calls for urgent action to bring down oil prices.

"The decision will be made in Beirut," said OPEC president Purnomo Yusgiantoro, referring to the cartel's next official meeting in the Lebanese capital on June 3.

Mr Yusgiantoro, who is also Indonesia's energy minister, told reporters that OPEC ministers were "deeply concerned" by the sharp rise in the price of oil.

Despite such concerns, the other OPEC members said they were not prepared to make an official decision to raise production in an informal setting.

Some countries even appeared annoyed at the fait accompli put to them by Saudi Arabia, which is the cartel's most influential member.

Venezuelan Energy Minister Rafael Ramirez said the proposal was a "unilateral position".

On Friday, Saudi Oil Minister Ali al-Naimi's proposal to raise production sent oil prices sliding on global markets, even though some people voiced surprise the reaction was not stronger still.

New York's benchmark contract, light sweet crude for delivery in July, fell nearly $US1.00, dropping below the psychologically important $US40 level.

While the Saudi offer did not win immediate support from the rest of OPEC, Mr Naimi stood firm by his proposal.

"Never doubt what Saudi Arabia says," he told journalists.

Big oil-consuming countries have been pressuring OPEC in the run-up to the meeting to make more crude available to markets so the oil price does not thwart the fragile global economic recovery.

OPEC president Mr Yusgiantoro said the ministers examined the proposals from Riyadh "in line with OPEC's commitment to do whatever we can to ensure market stability and to ensure adequate supply to support world economic growth".

According to the cartel, the current high crude oil prices were the result of a combination of several factors such as petrol bottlenecks and increased tensions in the Middle East and Iraq.

He also called on non-OPEC oil producing countries to "cooperate with us to stabilise rising prices".

Welcoming OPEC discussions about higher oil production, US Energy Secretary Spencer Abraham said "now the question is what action will follow" and also called for "strong action from producers".

International Energy Agency head Claude Mandil, whose organisation represents the interests of big oil consuming nations, gave a cautious response to OPEC's decision to wait to June to review production.

Mr Mandil has repeatedly called for OPEC to increase production and said it was "understandable" for the cartel to wait until the Beirut meeting to make a firm decision on output.

Dutch Economic Affairs Minister Laurens Jan Brinkhost, who was hosting the International Energy Forum bringing together top officials from about 55 oil producing and consuming countries plus 11 international organisations, hailed Saudi Arabia's proposal.

"It is a recognition that supply matters," he said.

Part of the Saudi proposal was also for the kingdom alone to provide 9 million barrels per day (bpd) to its customers from June.

Saudi Arabia has an OPEC quota of about 7.6 million bpd but is believed to be exceeding this.

On Saturday, the minister said his country had a production capacity of 10.5 million bpd.

-- AFP