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Fri 4 Sep 2009 05:27 PM

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Saudi Arabia to supply steady oil volumes in Oct

Steady allocations indicate OPEC won't make any formal change to output ceilings.

Saudi Arabia, the world's biggest oil exporter, plans to keep supplies steady in October to major firms with global refining systems, an industry source said on Friday.The steady allocations are a strong indication the Organization of the Petroleum Exporting Countries will not make any formal change to output ceilings when it meets on Sept. 9.

"Yes," an industry source told Reuters when asked whether October oil supply from Saudi Arabia would be held steady for major oil companies.

Earlier this week, trade sources said U.S. refiners were expecting steady supplies.

Some refiners said on Friday they had yet to receive their October allocations, although they expected them to be unchanged.

Saudi state oil firm Aramco also held supplies broadly steady for September and August loading.

OPEC announced in December it was reducing output by 4.2 million barrels per day compared with production in September last year.

It has kept its official output targets steady all of this year, although compliance with them has dropped from a peak of around 80 percent in March and April to less than 70 percent. (Reuters)

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