"Current prices of the crude are higher than the real prices and there is a glut in the markets, estimated at 1-mil b/d."

(OPEC's president Sheikh Ahmed Fahed al-Sabah was quoted as saying late Sunday by the official Kuwaiti News Agency. OPEC-11, including Iraqi output of around 2-mil b/d, was producing 30.4-mil b/d and that OPEC's production exceeded market demand.).

See more industry/OPEC viewpoints at http://www.platts.com/Oil/Resources/Quote%20of%20the%20Day/