OPEC Crude Shipments to Drop on Asian Demand, Oil Movements Says
The Organization of Petroleum Exporting Countries will curb crude shipments through most of this month as demand from Asian refiners drops during seasonal maintenance, tanker tracker Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 23.7 million barrels a day in the four weeks to June 22, down 1 percent from 23.93 million in the previous period to May 25. the researcher said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. The organization kept its production target at 30 million barrels a day at a meeting in Vienna last week.
“The current maintenance round is very deep and prolonged” in Asia, Roy Mason, the company’s founder, said today by telephone from Halifax, England. “West African eastbound shipments are down, and eastbound sailings from the Gulf are down.”
Middle Eastern shipments will slip by 1.1 percent to 17.4 million barrels a day, compared with 17.6 million in the month to May 25, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will advance 0.6 percent to 471.36 million barrels versus 468.53 million, data from Oil Movements show. The researcher calculates the volumes by tallying tanker bookings. Its figures exclude crude held on vessels for storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
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