The Organization of Petroleum Exporting Countries will boost shipments to their highest since before the Libyan uprising to meet rising demand in Asia, according to tanker-tracker Oil Movements.
OPEC will export 23.48 million barrels a day in the four weeks to Dec. 3, an increase of 3.8 percent from the 22.63 million barrels shipped daily in the month to Nov. 5, the Halifax, England-based researcher said today in an e-mailed report. It’s the most since mid-February. The figures exclude Ecuador and Angola.
“We’re now looking at the seasonal peak,” Roy Mason, the founder of Oil Movements, said by phone. “It’s overwhelmingly going east. It’s a busy period. By the middle of next month it’ll tail off.”
Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, will climb to 17.86 million barrels a day, 3.6 percent more than the 17.24 million barrels shipped in the month to Nov. 5, according to Oil Movements’ estimates.
Crude on board tankers will average 487.25 million barrels in the four-week period, up 6.6 percent from 456.91 million barrels in the period to Nov. 5, 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.