OPEC Overproduced Oil:IEA

OPEC nations increased their output by 635,000 bpd in June to 28.6 million bpd.
It is much more than its official quota target, the International Energy Agency reported on Tuesday.
The increase came despite a fall in production by Iraq of 325,000 barrels per day.
However, IEA added, that the overall increase was not enough to neutralize market concerns over strong demand and supply disruptions that have pushed oil prices above $40 per barrel.
At their last meeting in Beirut, OPEC ministers agreed to increase their non-Iraq quota ceiling by two million bpd to 25.5 million from July 1.
Excluding production by Iraq, the cartel produced 26.9 million barrels per day in June or 960,000 more than in May.
?This compares to a production target of 23.5 million barrels per day in place since April and a target of 25.5 million barrels per day from July 1,? the IEA noted.