Wednesday, October 15, 2008

More OPEC News

OPEC exports drop 600,000 bpd in September
Oct 14, 2008

OPEC seaborne oil exports, excluding Angola and Ecuador, fell 600,000 barrels per day (bpd) in September and dropped 840,000 bpd from Gulf suppliers, Lloyd's Marine Intelligence Unit (LMIU) said on Tuesday.

The London-based consultancy that tracks tanker exports said oil shipments from 11 OPEC producers, including Iraq, fell to 23.031 million bpd, down from 23.644 million bpd in the four weeks previous.

LMIU said supply from big Gulf producers, including Iraq, dropped 844,000 bpd from 18.553 million bpd to 17.709 million bpd in the same four weeks.

OPEC decided at a meeting in Vienna on Sept. 9-10 to comply strictly with its formal output target, a move officials said would result in the group trimming supply of crude oil by about 500,000 bpd from world markets.

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