The Organization of Petroleum Exporting Countries will boost crude supplies to the highest level in nine months as Libya continues to restore production, according to tanker-tracker Oil Movements.
OPEC will ship 23.63 million barrels a day in the four weeks to Jan. 7, up from the 23.23 million barrels shipped daily in the month to Dec. 10, the Halifax, England-based researcher said today in an e-mailed report. Libya is exporting about 500,000 barrels a day, according to the company.
“It’s nearly all Libya,” Roy Mason, founder of Oil Movements, said by phone. “The Middle East has reached a peak for the winter. The increase is a more or less normal winter event; the real difference is the Libyans are adding to it.”
Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, are set to increase by 1.7 percent to 17.86 million barrels a day, compared with 17.57 million in the four weeks to Dec. 10, according to estimates from Oil Movements.
Crude on board tankers will average 484.77 million barrels in the four-week period to Jan. 7, up 0.3 percent from 483.28 million in the period to Dec. 10, according to today’s report. Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude crude held on board ships as floating storage.
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