The most most radical members of OPEC are cheating on quotas.
Brothers Hahmoud and Hugo.
MEMRI Blog reported:
OPEC boosted production last month by about 1 million barrels a day for a total of 25.812 million b/d, in violation of supply cuts approved by the cartel to stem falling prices.
Iran, Angola, and Venezuela exceeded their quotas most. Iran pumped 3.75 million b/d last month, more than 400,000 b/d above its official ceiling of 3.336 million b/d. Venezuela exceeded its official ceiling by about 165,000 b/d.
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[In other words, the two most radical members of OPEC that often call for production cuts account for 58% of the excess production.]