OPEC Raised Exports in October on Higher Global Demand for Oil

OPEC members led by Saudi Arabia increased exports of crude oil in October from a month earlier to meet higher global demand, according to the data the governments submitted to the Joint Organization Data Initiative.

Kuwait, the group’s fourth-largest producer, increased exports to 2.14 million barrels a day in October, the data showed. This is the highest monthly figure since at least January 2002 when the country started submitting data to the initiative known as JODI.

Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, increased its exports by 270,000 barrels a day, or 4 percent, in October to 7.08 million barrels a day, the data showed. Angola, Nigeria, and Venezuela also raised exports during the month, the data showed.

OPEC decided on Dec. 14 to increase its product ceiling to 30 million barrels a day, the first change in three years, moving the group’s target nearer to current output as it grapples with rising exports from postwar Libya.

OPEC will need to produce 30.1 million barrels a day next year to balance world supply and demand, its secretariat forecast last week in its monthly report. World oil demand will rise 1.1 million barrels a day, or 1.2 percent, in 2012.

To contact the reporter on this story: Wael Mahdi in Khobar, Saudi Arabia at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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