Exceeding the quota caused a reduction in oil prices. OPEC states exceed the quota of 30 million barrels daily by 2 million barrels daily. Saudi Arabia, Kuwait and the UAE are the main violators, Tehran says. The Iranian petroleum minister filed a letter to OPEC's head, protesting the quota violations.
The price of the OPEC basket dropped to $97.44 per barrel on June 1, the lowest since October 5. The average price of OPEC oil per barrel was $108.07. The basket is formed by Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
