Monday, October 31, 2011

OPEC oil supply falls in October

LONDON — OPEC oil output has fallen for a second month in October as reduced supplies from several members offset a further rise in Libyan supply, a Reuters survey found on Monday.

Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 29.59 million barrels per day (bpd) this month, down from a revised 29.90 million bpd in September, the survey of sources at oil companies, OPEC officials and analysts found.

OPEC supply has fallen for a second month from August’s total of 30.15 million bpd, which was the group’s highest since October 2008 according to Reuters surveys.

OPEC output:

Iraqi output declined by 190,000 bpd, the most in the group, because of reduced exports from the country’s south due to a pipeline bombing and as bad weather disrupted shipments.

Saudi Arabian supply fell further, sources in the survey said, citing a fall in domestic use from peak summer demand and reduced purchases from Shell which cancelled some October-loading shipments after a fire at its Singapore refinery.

© Copyright (c) Reuters

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