Excluding Iraq, which is not part of OPEC's quota system due to the country's unrest, the cartel is pumping almost ten percent above the limit.

The International Energy Agency estimated that actual OPEC production, excluding Iraq, stood at 27.32 mbpd in October, or 2.48 mbpd more than the cartel's official target.

Taking into account overproduction and output by Iraq, the Organization of Petroleum Exporting Countries' dozen members are supplying 34 percent of the world's crude oil.

Here is a list of current OPEC quotas and the most recent IEA estimates for October.