Ok....i decided to install Wyrebash, and get a merged bashed patch running, then i went into my saved games and clicked diff. masters to load the current masters in my save game. When i loaded the game i get a carry weight of 26 here is my mod list

Oblivion.esm
Francesco's Leveled Creatures-Items Mod.esm [Version 4.5bSI]
Francesco's Optional New Items Add-On.esm [Version 4.5bSI]
Francesco's Optional New Creatures Add-On.esm [Version 4.5bSI]
Oscuro's_Oblivion_Overhaul.esm [Version 1.33]
Mart's Monster Mod.esm [Version 3.7b3p3]
Mart's Monster Mod for OOO.esm [Version 0.9.9MB3]
HrmnsOblivionScriptOptimizationv1.0.esp
Beautiful_Women_NiceOnly.esp
Beautiful_Women_DB_Addon.esp
DLCShiveringIsles.esp
Natural_Weather_HDR_by_Max_Tael.esp
Natural_Weather_HDR_2.1.3_coloroverride.esp.esp
Natural_Habitat_by_Max_Tael.esp
Natural_Water_by_Max_Tael.esp
Symphony of Violence.esp
WindowLightingSystem.esp
Living Economy.esp
Living Economy - Items.esp
Enhanced Economy.esp [Version 5.2.2]
Crowded Roads.esp [Version 2.0]
Oblivion Graphics Extender Support.esp [Version 0.42]
Streamline 2.1.esp
Map Marker Overhaul.esp [Version 3.8]
Map Marker Overhaul - SI additions.esp [Version 3.5]
EVE_StockEquipmentReplacer.esp
Francesco's Optional Files.esp
Oscuro's_Oblivion_Overhaul.esp [Version 1.33]
OOO-Water_Weeds.esp [Version 1.33]
OOO-Container_Trap_Instant_Effects.esp [Version 1.33]
Mart's Monster Mod.esp [Version 3.7b3p3]
Mart's Monster Mod for OOO.esp [Version 0.9.9MB3]
Mart's Monster Mod - Shivering Isles.esp [Version 3.7b3p3]
Mart's Monster Mod - Hunting & Crafting.esp [Version 3.7b3p3]
Mart's Monster Mod - Spawn Rates - Moderate Increased.esp [Version 3.7b3p3]
EVE_StockEquipmentReplacer for OOO.esp
EVE_StockEquipmentReplacer4MMM.esp
ImpeREAL City Unique Districts - All the Districts - Merged.esp
Knights.esp
EVE_KnightsoftheNine.esp
Mart's Monster Mod - Knights.esp [Version 3.7b3p3]
Mart's Monster Mod for OOO - Knights .esp [Version 0.9.9MB3]
ElsweyrAnequina.esp
Natural_Vegetation_by_Max_Tael.esp
Harvest [Flora].esp [Version 3.0.0]
Harvest [Flora] - Shivering Isles.esp [Version 3.0.0]
EVE_ShiveringIslesEasterEggs.esp
P1DcandlesForKleptos.esp
Enhanced Economy - House prices.esp [Version 1.0]
Alternative Beginnings.esp [Version 1.1.1]
MidasSpells.esp
Merchants Buy Stolen Goods.esp
No psychic guards harder v1.2.esp
Francesco's Slower skills x1.5.esp
Level_Rates_Modified_x2.esp
RealisticLeveling.esp
Let There Be Darkness - Cyrodiil.esp
Let There Be Darkness - Cyrodiil + SI.esp
EVE_KhajiitFix.esp
Francesco's 7 days respawn time - 1-16 day lenght rescale.esp
QTdof.esp
Bashed Patch, 0.esp

Have you figured this out yet? Encumbrance is based on strength. I believe the standard calculation is 5*Strength.

What is your character's Strength?

The only kinds of mods that normally affect that are leveling mods and rebalancing mods. I noticed two leveling related mods in your list, one after the other. I start there and disable both of those. If those aren't it, you will just have to deactivate one mod at a time until you find it.

I would run boss on that load order quite a few mods are out of date and some shoud be removed from your load order

Your in for a word of hurt with your current mod list.
Quite simply trying to run Frans, Oscuro's and Mart's together without FCOM doesn't work.
Eve Stock Replacer twice?
Two different leveling rates?
An ancient version of Streamline.
There's others.
Do yourself a huge favour and Run BOSS as suggested.
And read some of the readme`s that come with your mods!