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OPEC 800k above quota

Margaret McQuaile & Richard Swann report for Platts:

OPEC's new 30 million b/d crude production ceiling came into effect at the beginning of January, but OPEC's latest monthly oil market report on January 16 showed that the group's output had already exceeded the new ceiling by more than 800,000 b/d in December.

December volumes were also well above the 30.1 million b/d which OPEC estimates as the call on its crude this year -- a 60,000 b/d upward revision from last month's report -- and the 29.84 million b/d which it sees as demand for OPEC crude in the first quarter.

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