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Opec oil production fell slightly in February but high prices deterred members from reining in much supply despite a mid-month pledge to eliminate overproduction, a Reuters survey released on Tuesday found.
Total Opec output for the month fell 210,000 barrels a day (bpd) to 28.10 million bpd, led by lower production from Iraq as bad weather cut into exports, the survey showed.
The 10 members of Opec with quotas pumped 26.17 million, cutting production by just 100,000 bpd from January, according to the survey of consultants, shippers, industry and Opec sources.
The estimate puts the Opec-10 1.67 million bpd in excess of their official quota ceiling of 24.5 million in place since November.
Oil prices have this week jumped to their highest level for a year, surging around four dollars since Opec agreed on February 10 to reduce supply quotas by one million bpd to 23.5 million from April.
Opec also agreed at the February 10 meeting to cut 1.5 million bpd of surplus production over existing quotas, concerned that prices could fall once demand declines seasonally after the northern winter.
But Opec President Purnomo Yusgiantoro said on Tuesday the cartel is still pumping above official output limits in an effort to cool down oil prices.
Saudi Arabia's production edged down by 50,000 bpd in February to 8.5 million bpd, more than 530,000 bpd above its quota and around 860,000 bpd above its forthcoming April limit.
Current production by the 10 Opec members with quotas, excluding Iraq, is nearly 2.7 million bpd above the ceiling that will come into force next month.

Copyright Reuters, 2004

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