The Organization of Petroleum Exporting Countries will bolster crude shipments this month by the most in at least a year to meet winter demand in Asia, according to tanker-tracker Oil Movements.
OPEC will export 23.3 million barrels a day in the four weeks to Nov. 26, an increase of 4.6 percent from the 22.28 million barrels shipped in the month to Oct. 29, the Halifax, England-based researcher said today in an e-mailed report. Shipments were more than 2010 levels for the first time since Libyan supplies were disrupted in March. The figures exclude Ecuador and Angola.
“It’s a winter market,” Roy Mason, Oil Movements’ founder, said by phone. Persian Gulf countries are “moving into refinery maintenance, so there’s more crude available for export just when the world needs it. It’s mainly going east.”
Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, will climb to 17.78 million barrels a day, 5.5 percent more than the 16.85 million barrels shipped in the month to Oct. 29, according to Oil Movements’ estimates.
Libya is shipping about 100,000 to 150,000 barrels a day, Mason said.
Crude on board tankers will average 475.26 million barrels in the four-week period, up 3 percent from 461.44 million barrels in the period to Oct. 29, the researcher said.
Oil Movements calculates shipments by tallying tanker- rental agreements. Its figures exclude crude held on board ships as floating storage.
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