The survey showed that, excluding Iraq, the 12 members bound by output agreements pumped an average 29.85 million barrels per day (bpd) in March 2008, which is 80,000bpd lower than the February 2008 output volume of 29.93 million bpd.
Despite the dip in output from the OPEC-12, the March 2008 total was 177,000bpd higher than their collective 29.673 million bpd crude production target.
Decreases in Iraqi, Venezuelan and Nigerian production totaling 160,000bpd were partly offset by 50,000bpd of increases from Iran, Ecuador and Qatar.
OPEC ministers met in February and March of 2008 and decided on both occasions that despite crude prices in excess of $100 per barrel, there was no shortage of crude oil on world markets.
