The Organization of Petroleum Exporting Countries will bolster crude exports by the most since June as refiners in the U.S. and Europe prepare to meet winter demand for heating fuels, tanker-tracker Oil Movements said.
OPEC will ship 22.8 million barrels a day in the four weeks to Nov. 12, a 2 percent increase from the 22.36 million exported in the month to Oct. 15, the Halifax, England-based company said today in a report. The figures exclude Ecuador and Angola.
“The big increase is east and west, but the west has gone up most, Roy Mason, Oil Movements’ founder, said by phone. “The crude market in the Atlantic basin is still tight. Shipments are going to peak at some point, but for the next couple of months they aren’t going to go down.”
Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, will climb to 17.4 million barrels a day, 2.4 percent more than the 17 million barrels shipped in the month to Oct. 15, according to Oil Movements’ estimates.
Crude on board tankers will average 457.84 million barrels in the four-week period, down 2.3 percent from 468.52 million barrels in the period to Oct. 15, the researcher said.
Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude crude held on board ships as floating storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization will meet next on Dec. 14 in Vienna.