Opec exports to surge in 4 weeks
London, August 27, 2011
Seaborne oil exports from Opec, excluding Angola and Ecuador, will rise by 30,000 barrels per day (bpd) in the four weeks to September 10, an analyst who estimates future shipments said.
Exports will rise to 22.69 million bpd on average from 22.66 million bpd in the four weeks to August 13, UK consultancy Oil Movements said in its latest weekly estimate.
The Organization of the Petroleum Exporting Countries failed to agree on an output increase in June. But top exporter Saudi Arabia said it would provide whatever oil was needed and has boosted its production.
Opec's output remains below that of a year ago because of the loss of Libyan supplies due to the uprising against the rule of Muammar Gaddafi.
Exports in the four weeks to September 10 are expected to be down 520,000 bpd from the same period in 2010, Oil Movements said.-Reuters