President: OPEC output above oil quota

OPEC’s president said Monday that the cartel’s members excluding Iraq were producing 29.7 million barrels per day, 2.2 million bpd above the official quota, and there was no immediate need to pump any more oil. “Our latest information is that the OPEC-10 production now is 29.7 million bpd. There is (more than) two million (bpd) over (official) production,” Sheikh Ahmad Fahd al-Sabah, also Kuwait’s energy minister, told reporters.