Saudi Arabia increased oil shipments in September, offsetting lower flows from the United Arab Emirates as the smaller nation started to compensate for earlier over-production, and leaving exports from OPEC’s Middle East producers broadly stable for a third month.
Exports from Saudi Arabia rose by more than 480,000 barrels a day, almost exactly offsetting the drop in shipments from the UAE last month. Kuwait and Iraq increased flows by smaller amounts.
The four nations shipped a total of 13.61 million barrels a day of crude and condensate last month, up by 164,000 barrels a day from August, tanker-tracking data monitored by Bloomberg show.
Flows from the four producers -- which account for more than 70% of production among members of the Organization of Petroleum Exporting Countries -- rose to South Korea, but shipments to all other major buyers including China were down, based on preliminary indications of ship destinations.
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