Opec's adherence to export limits slackened again in September as high prices drew extra supplies from core Gulf producers.The Organisation of the Petroleum Exporting Countries raised well head output in September by 140,000 barrels a day to 26.68 million bpd from a revised 26.54 million in ugust, according to the survey of OPEC and industry officials and consultants. Output has climbed 700,000 bpd from a low point of just below 26 million bpd in June, spurred by incremental Iraqi oil and increasing OPEC leakage. The survey indicates that compliance by the 10 OPEC members participating in supply restrictions fell to 81 per cent in September from 83 per cent in August. OPEC cuts amounted to 3.492 million bpd in September compared to 3.612 million bpd in August and the 4.316 million bpd target established earlier this year. The curbs this month briefly pushed oil prices above $24 a barrel for North Sea Brent amid expectations excess inventories will quickly drain away in the remainder of the year.

Caspian oil project

A US State department official said on Wednesday Russia could join a giant pipeline project to carry crude oil from Azerbaijan through Turkey.``We would look forward to Russia's participation in the main export pipeline company,'' councillor to the US department of commerce and ombudsman for energy and commercial cooperation in the former Soviet Union,Jan Kalicki, told an investment conference. Some foreign operators have questioned the economic viability of the 1,730 km (1,057 mile) pipeline from Baku to Turkey's Mediterranean port of Ceyhan, a route favoured by the United States, Turkey and Azerbaijan. Washington wants to secure multiple routes to the West for Caspian oil and has been seen aiming to minimise the influence of Russia and Iran. Currently early oil from Azerbaijan has been flowing through the Georgian Black Sea Port of Supsa and partly by rail through Russia. A pipeline through Chechnya was used to transport oil from Azerbaijan to Russia's Black Sea Port of Novorossiisk, but it has beeneffectively closed, hit in part by violence in the area and a pricing dispute between Moscow and the republic.

Crude tanker rates

Crude tanker rates softened as markets went quiet this week, shipping brokers said on Wednesday. Rates which had risen into the mid W50s for VLCC sailings from the Middle East to Japan last week slipped back to W51-52.5 while Singapore discharges fell back to W50 from W52.5.``The VLCC market is a lot quieter after a strong week last week, particularly eastbound. Rates are either steady or coming off,'' one broker said.Mideast-Korea rates were currently holding at W52.5 but Singapore was expected to fall back into the high W40s. Westbound rates for the U.S Gulf were also seen steady at around W47.5 but little business was being done. Some of the Sullom Voe to US Gulf cargoes which failed to move two weeks ago were reported fixed in million barrel Suezmaxes - by Arcadia on the Olympic Faith and BP Amoco which switched the Polar for Sacramento to get a week earlier sailing of October 16, a broker said.

Cotton prices

Prices of dch-32 (ktk) variety moved up by Rs 141 while all other select cotton varieties, including Maharashtra, remained steady at the South India Cotton Association Coimbatore on Thursday. (Rates per quintal and in Rs.): Bengal deshi fine (pjb) 4233,wagad (guj) 3599, V-797 (guj) 4049, jayadhar (ktk) 3937, J-34 (pjb) 4768, F-414 (tn) N Q, lra-5166 (T N) N Q, H-4 (M P) 5343, Lk-29 (AP) 5540, Shankar-6 (new guj) 5568, mcu-5 (new AP) 6748, Dch-32 (new ktk) 7733. Gruop I Maharashtra: mech-1 ytl/amt 5258, H-4 ytl/amt5258, lra-5166 nagpur/ytl 4949, nhh-44 ytl/amt 4387, ak.H-4/ak.235 4584, 1007 ytl/amt 4724, ahh-468 ytl/amt 4387.

Tin prices declines

Tin prices declined further due to lack of buying support in generally steady non-ferrous metals market in Mumbai on Thursday. Tin fell further by Rs 3 per kilo to close at Rs 362 from Rs 365 previously. Copper wire bar eased to Rs 119.00 per kilo from Rs 119.50. Following were rates per kilo with previous rates in brackets. Copper wire bar Rs 119.00 (119.50), copper heavy scrap Rs 107.50 (Rs 107.50), copper utensils scrap Rs 96.00 (Rs 96.00), brass utensils scrap Rs 85.00 (Rs 85.00), brass sheets cutting Rs 91.00 (91.00), aluminium ingots Rs 88.00 (Rs 88.00), aluminium utensils scrap Rs 68.00 (Rs 68.00), zinc slab Rs 88.50 (Rs 88.50).