OPEC chief says output quota system outdated

The Organization of the Petroleum Exporting Countries (OPEC)'s output quota system has been out of date, president of the 11-member cartel said Monday.

"The regime of official quota (of crude production) has become old and now we have been producing oil regardless of the quota basis," Sheikh Ahmad al-Fahd al-Sabah, also the Kuwaiti energy minister, told reporters on the sidelines of a national assembly session.

Ten OPEC members subject to the quota system, excluding Iraq, will continue production at a rate of 29.7 million barrels per day in June, the president said.