NICOSIA, July 29: Production by members of the Organization of Petroleum Exporting Countries (Opec) excluding Iraq reached 23.32 million barrels per day (bpd) in June, exceeding the cartel’s ceiling by 1.619 million bpd, the Middle East Economic Survey (MEES) said on Monday.

Production increased by 140,000 bpd over May, the Nicosia-based specialist newsletter said.

It said most states produced more than their allotted quotas, notably Algeria, whose output has averaged around 850,000-860,000 bpd throughout the second quarter, compared to a quota of 693,000 bpd.

Venezuela too exceeded its quota by 250,000 to 350,000 bpd in May and June, MEES said.

Iran’s output in June was 3.26 million bpd, lower than the 3.35 million bpd it produced in May.

Iraq, which is not part of the quota system due to UN sanctions in force since 1990, produced 1.52 million bpd in June compared to 1.76 million bpd in May, mainly due to the retroactive pricing system.

The system was imposed by the United States and Britain on the UN sanctions committee last year in response to a surcharge Baghdad slaps on the crude it exports under UN supervision as part of an “oil-for-food” programme.—AFP