Actual OPEC output was currently estimated at some 23,500,000 bpd.

He said OPEC output had fallen to 17.5 million barrels a day by the end of August.

Oil prices fell to a three-year low after forecasts for demand were lowered and OPEC output continued to grow.

They have produced as they pleased, taking total OPEC output above 23 million barrels a day.

Crude oil futures tumbled on concern that OPEC output would remain high.

OPEC output in that time has fallen to 17.5 million barrels a day, from 31 million.

The Saudis' share of OPEC output has risen to more than 35 percent from 24 percent.

Current OPEC output is estimated at just below that figure because of overproduction by some of the member nations.

They are also buying up some of the extra OPEC output, she said.

But Iraq accounts for the largest runaway OPEC output.