Following yesterday's latest IEA report which showed that OPEC production had hit an all time high, this morning OPEC released its own estimate of production by OPEC member nations for September and, not surprisingly, the latest report showed that in the month OPEC was supposed to be set on "cutting" production, the 14-nation group produced a whopping 33.39 million b/d crude in Sept., up 220k b/d from August. While Saudi Arabia showed the largest decline of 88K to 19.49mmbpd, other members promptly ate up the Saudi market share which as recently as last month hit a record. To wit Iraq +105k, 4.46m Nigeria +95k, ... (full story)