OPEC Crude Production at 30.6 Million Barrels/Day in November

The last time OPEC members set an official production quota was in December 2008. The cartel’s agreed upon production, not including Iraq, was pegged at 24.84 million barrels/day, divided among the 11 other members.

According to a survey by Platts cited at MarketWatch, OPEC produced 30.6 million barrels/day in November. The cartel has been producing more crude than its mutually-agreed quota practically since the quota was first adopted. Neither the quotas nor actual production is expected to change at this week’s regularly scheduled meeting of the cartel’s members in Vienna.

Iran has pushed for quota reductions as world oil markets prepare for the re-introduction of Libyan crude at something approaching its pre-revolutionary level of about 1.3 million barrels/day. But Iran is not likely to get much support as other cartel members continue to pump at higher levels to take advantage of high oil prices.

Whether OPEC changes its official quotas or not is essentially meaningless. That’s been true since the cartel first set quotas and is not ever likely to change.