The Organization of Petroleum Exporting Countries will increase crude loadings by 0.4 percent in the four weeks to Dec. 18, according to tanker-tracker Oil Movements, as winter demand picks up.
OPEC will meet on Dec. 11 in Quito, Ecuador, to review quotas. Shipments will rise to 23.56 million barrels a day in the four weeks to Dec. 18 from 23.47 million barrels in the period to Nov. 20, Oil Movements said today in a report. It’s the eighth consecutive month-on-month increase, according to the weekly reports. The data exclude Ecuador and Angola.
Shipments from Middle Eastern producers, including those from non-OPEC members Oman and Yemen, will rise 0.5 percent to 17.46 million barrels a day from 17.37 million in the four weeks to Dec. 18, data from Oil Movements show.
OPEC will probably keep its output quota unchanged at the Dec. 11 gathering, ministers from Angola, Venezuela said today and yesterday. Oil at $80 to $85 a barrel is a “comfortable price,” Angola’s Minister of Petroleum Jose Maria Botelho de Vasconcelos said. Crude traded at about $86 a barrel today.
A total of 469.22 million barrels of crude will be on board tankers in the month to Dec. 18, up 2.2 percent on the Nov. 20 figure of 458.92 million barrels, according to Oil Movements.
Oil Movements calculates shipments by keeping a tally of tanker-rental agreements. Its figures exclude crude held on board ships used as floating storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the quota system.