Wednesday, October 19, 2011

OPEC oil exports up by 280,000 bpd until Sept. 24

KUWAIT, (KUNA) -- OPEC oil exports hiked by 280,000 barrels per day (bpd) over four weeks until September 24, 2011, according to an economic report.

The British Consultancy Oil Movements, which monitors future oil shipments, showed that shipped oil exports went up by 280,000 bpd over four weeks until September 24, the report cited the Diplomatic Center for Strategic Studies as showing.

OPEC's production is still lower than a year earlier owing to Libyan supply suspension by reason of the current events in this north African country, said the report.

The United Arab Emirates (UAE) produced 2.6 million bpd in August 2011, up from 2.5 million bpd in July in the same year, it said.

Saudi Arabia and its Gulf allies, including the UAE, have boosted their output ceiling since Riyadh failed in June to persuade other OPEC member states to approve an official output rise to help make up for Libyan's oil loss, the report indicated.

Therefore, Saudi Arabia boosted its production by roughly 918,000 bpd up to 9.8 million bpd in June, it said.

Global oil prices have hiked owing to foreign factors, mainly the positive trend in stock markets and the depreciation of the US dollar, the report added.

Brent for October delivery jumped to USD 115.27 pb, the highest level since August 3, before it fell to USD 114.78 pb, while US light crude went up by 29 to USD 89.10 pb, the economic report concluded. (end) KUNA 191622 Oct 11NNNN

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