As we reported last week, just as OPEC announced a new monthly production record, with total output rising by 220kbpd to a record 33.4mmbpd… (Click to enlarge) … driven by a jump in production in Iraq, Nigeria and Libya, more confusion emerged regarding the recently concluded OPEC Algiers “deal”. According to the deal, production will be cut back to 32.5-33.0 mmbpd, but opposition to OPEC’s secondary production estimates has risen, as Venezuela joined Iraq in disagreeing with the cartel’s third-party production estimates. Venezuela reported crude output of 2.33m b/d in Sept. to OPEC, 245k more than secondary sources estimates, while Iraq reported 4.78m b/d in Sept., 320k above secondary source estimates. (Click to enlarge) Making matters worse, during last week’s Istanbul meeting, OPEC secretary general Mohammed Barkindo told reporters that “OPEC has still hasn’t decided yet whether OPEC and non-OPEC would make cuts at the same time, or OPEC […]