LONDON (Bloomberg) — OPEC will raise shipments before meeting next month, according to tanker tracker Oil Movements, as members backpedal on supply cuts announced a year ago.

The OrganiSation of Petroleum Exporting Countries will ship 22.86 million barrels a day in the four weeks to December 12, up 0.6 percent from 22.73 million a day in the month to November 14, Halifax, England-based Oil Movements said in a report yesterday.

OPEC will have its final meeting of 2009 on December 22 in the Angolan capital Luanda. Saudi Arabia, seeking to cap oil prices at $80 a barrel, is responsible for recent supply growth, according to JPMorgan Chase & Co.

"Saudi Arabia is currently in the driving seat and wants a $68-$73 a barrel range," JPMorgan's head of commodities research Lawrence Eagles said in a report yesterday. "They want to be seen as a stable supplier to the market and do not want oil prices to exhibit the volatility seen in recent years."

Oil prices are 43 percent higher than a year ago, trading around $76 a barrel in New York yesterday, even as OPEC's compliance rate with cuts agreed last December has dwindled.