OPEC oil output rises in October - Petrologistics
October 23, 2007
LONDON -- OPEC is already raising oil production in response to record-high prices and in advance of its agreement to increase output from November, a consultant who tracks tanker movements said on Tuesday.
OPEC's 10 members subject to output limits, all except Iraq and Angola, are set to pump 27.5 million barrels per day, up from a revised 27.2 million bpd in September, said Conrad Gerber of Petrologistics.
The estimate indicates that OPEC may be relaxing adherence to supply curbs in response to a jump in oil prices, which hit a record high of $90.07 on Friday. The group on Sept. 11 formally agreed to lift production from Nov. 1.
"It's a surprisingly large increase," Gerber told Reuters. "The Saudis are obviously pushing out more crude in advance of the November increase."
Saudi Arabia, OPEC's top producer, is on course to lift supply to 8.95 million bpd from 8.88 million bpd in September, he said.
Overall output from the 12-member Organization of the Petroleum Exporting Countries is set to rise 500,000 bpd to 31.4 million bpd, Petrologistics said, on higher shipments from Iraq and Angola.
Oil prices declined after the Petrologistics estimate was released. U.S. crude was down 18 cents at $85.84 a barrel as of 0821 GMT.
Petrologistics, based in Geneva, assesses OPEC oil output by tracking tanker shipments. OPEC itself does not issue timely estimates of its own production.
Source: Inquirer
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