Opec overproducing nations

["David" <david@logicaldirection.com>]

I found a copy of this when searching for information on OPEC.  This might
help out some of the countries that are within OPEC..

-David Spector

OPEC September output up at 26.05m b/d - Tanker Tracker
PETROLEUMWORLD
Caracas, Sept 30


DJ-Petrologistics estimates that Algeria produced a hefty 1.1 million b/d of
crude oil in September. In August, Petrologistics estimated that the North
African producer pumped 950,000 b/d of oil.

The latest estimates show that Algeria overshot its official OPEC output
target of 693,000 b/d by some 407,000 b/d in September.

Gerber said Algeria is currently pumping way over target to put pressure on
fellow OPEC members to give it a larger share of the group's official output
quota.

At OPEC's Sept. 19 meeting in Osaka, Algeria's oil minister Chakib Khelil
told a small group of journalists that his country is currently pumping 1.1
million b/d of oil.

Petrologistics put Iraq's September crude output at 1.95 million b/d, an
increase of 250,000 b/d from its August estimate of 1.7 million b/d.

U.N. data released Sept. 24 said that Iraqi oil exports jumped to 1.9
million b/d for the week ending Sept. 20 , more than doubling the 914,285
b/d seen in the prior week.

In the week ended Sept. 20, Iraq exported 13.3 million barrels of crude oil,
up from 6.4 million barrels exported the prior week. The latest figures show
that Iraq oil exports were the highest weekly volume since the current phase
of the U.N.-administered oil-for-food program started May 30, the U.N. said.

Iraq typically exported around 2 million barrels a day of oil in 2001
through the U.N. oil-for-food program, but volumes fell sharply this year
due to disputes with the U.N. over Iraq charging an under-the-table
surcharge.

A U.N. diplomat said last week that the sharp rise in Iraq exports is
largely due to the return of major oil companies to the Iraqi oil market
after Iraq apparently abandoned its surcharge. He also said that recent
vessel charterings by foreign oil companies has indicated that Iraqi oil
exports would jump higher.

Production by OPEC kingpin Saudi Arabia was unchanged on the month in
September at 7.8 million b/d, Petrologistics estimated. But the latest
figure still shows, that the kingdom was a massive 747,000 b/d over its
current output target of 7.053 million b/d.

Venezuela, suffering economic difficulties and under pressure to pump more
oil, showed a moderate increase in output during September with its
production reaching 2.85 million b/d compared to 2.72 million b/d in August.
Venezuela has an official OPEC output target of 2.497 million b/d.

By Sally Jones, Dow Jones Newswires;sally.jones@dowjones.com

LONDON
Dow Jones 30-09-02 1111GMT