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Page added on October 29, 2008

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OPEC oil output rising in Oct – Petrologistics

LONDON (Reuters) – OPEC’s oil output in October is expected to rise by 200,000 barrels per day to 31.9 million bpd because of higher supplies from Iraq, industry consultant Petrologistics said on Wednesday.


The estimate also indicates that the Organization of the Petroleum Exporting Countries, excluding Iraq, is trimming output back to official target levels, in line with a Sept. 10 agreement to prop up prices.


Output from the 12 OPEC members with supply targets — all except Iraq — is expected to average 29.59 million bpd, little changed from 29.56 million bpd in September and less than their target of 29.67 million bpd.


“This has come down from well over 30 million barrels per day in August and is expected to come down further in November,” Conrad Gerber, head of Petrologistics, told Reuters by telephone from Geneva.


Reuters



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