OPEC Shipments Will Increase 0.6% in Four Weeks Ending Sept. 24<\/p>\n
Saijel Kishan, Bloomberg, London<\/p>\n
OPEC is set to ship 0.6 percent more oil in the four weeks
\nending Sept. 24 than in the previous four weeks, the consulting
\ncompany Oil Movements said. The group may agree to raise output
\nquotas when it meets in Vienna next week.<\/p>\n
The Organization of Petroleum Exporting Countries (OPEC) is
\nscheduled to load 24.5 million barrels a day onto tankers in the
\nperiod, up 140,000 barrels a day from the four weeks ended Aug.
\n27, Halifax, England-based Oil Movements said in a report today.
\nShipments are up 3 percent from a year ago.<\/p>\n
"Production looks set to edge up this month, after staying
\nflat, at best, in August," Roy Mason, the founder of Oil
\nMovements, said in the report. The number of reported tanker
\nbookings for single-voyages has increased, he said.<\/p>\n
OPEC supplies about 40 percent of the world's oil. The group
\n"is likely to agree on raising the output" to help lower prices
\nafter Hurricane Katrina disrupted supplies in the U.S., said
\nJavad Yarjani, Iran's National Representative to the group,
\naccording to Petroenergy Information Network, the Iranian Oil
\nMinistry news service.<\/p>\n
Oil prices reached $70.85 a barrel in New York on Aug. 30, as
\nKatrina reduced oil production in the U.S.<\/p>\n
OPEC's 11 members are Saudi Arabia, Iran, Venezuela, Iraq,
\nUnited Arab Emirates, Kuwait, Nigeria, Libya, Indonesia, Algeria
\nand Qatar. More than half the group's production is shipped from
\nthe Persian Gulf.<\/p>\n
Global oil shipments, including non-OPEC exports, are set to
\naverage 37 million barrels a day in the four weeks ending Sept.
\n24, up 100,000 barrels a day from the preceding four weeks, Oil
\nMovements said. Non-OPEC producers, such as Russia, made up 24
\npercent of the exports.<\/p>\n
Shipments from the Middle East are expected to average 17.5
\nmillion barrels a day in the period, down 0.05 percent, the
\nconsultant said.<\/p>\n
Eastbound exports from the Middle East, which make up 69
\npercent of the region's total, will average 12.06 million barrels
\na day in the four weeks, compared with 12.04 million barrels a
\nday.<\/p>\n
Westbound exports are set to fall 0.5 percent to 5.4 million
\nbarrels a day, Oil Movements said.<\/p>\n
Oil carried on tankers worldwide will average 466 million
\nbarrels in the four weeks to Sept. 24, compared with 495 million
\nbarrels in the previous four weeks, the consultant said. OPEC
\nmembers account for 86 percent of the total.<\/p>",
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