OPEC Exports to Be Stable on Asian Demand, Oil Movements Says
Oil exports from the Organization of Petroleum Exporting Countries will be little changed this month as Asian refiners increase production, according to tanker- tracker Oil Movements.
OPEC will ship 23.96 million barrels a day in the four weeks to June 30, compared with 24.06 million in the period to June 2, the researcher said today in an e-mailed report. The data exclude Angola and Ecuador. Exports in the period are 5 percent higher than a year, Oil Movements said.
“It is all going east now Asian refineries are out of maintenance,” Roy Mason, the company’s founder, said by telephone from Halifax, England. “The long-haul eastbound sailings are aimed at the summer peak of mid-August while westbound sailings have tailed off.”
Exports from the Middle East, including non-OPEC members Oman and Yemen, will slip 0.8 percent to 17.66 million barrels a day in the four-week period, according to Oil Movements.
Crude on board tankers will average 487.76 million barrels, up 1.3 percent from the month to June 2, the researcher said. Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude crude held on board ships used as floating storage.
OPEC, which pumps 40 percent of the world’s oil, comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization met today in Vienna.
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