The Organization of Petroleum Exporting Countries will bolster crude shipments by 1.8 percent through to the middle of November before winter demand for heating fuels, according to tanker-tracker Oil Movements.
OPEC will export 22.86 million barrels a day in the four weeks to Nov. 19, compared with the 22.46 million barrels shipped in the month to Oct. 22, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Ecuador and Angola.
“We are heading into the winter peak, so it’s relatively strong but what you’d expect for the season,” Roy Mason, Oil Movements’ founder, said by phone. “It will continue to go up as that peak rolls on into January. This week the increase is almost entirely to the east, which is also seasonally normal.”
Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, will climb to 17.45 million barrels a day, 2.5 percent more than the 17.03 million barrels shipped in the month to Oct. 22, according to Oil Movements’ estimates.
Crude on board tankers will average 477.98 million barrels in the four-week period, up 2.6 percent from 465.68 million barrels in the period to Oct. 22, 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.