OPEC Exports Stable as Refineries Resume, Oil Movements Says

The Organization of Petroleum Exporting Countries will leave exports largely unchanged as refineries worldwide approach the end of their annual maintenance periods, according to tanker-tracker Oil Movements.

OPEC will ship 24.09 million barrels a day in the four weeks to June 23, compared with 24.1 million in the period to May 26, the researcher said today in an e-mailed report. The data exclude Angola and Ecuador. The group’s exports in the more recent period are 6.2 percent higher than a year earlier as companies stockpile crude in the event that tensions with Iran curtail supplies, Oil Movements said.

“We are at the low point for the quarter,” Roy Mason, the company’s founder, said by telephone from Halifax, England. “Everything from here will go up as we head into summer and the U.S. and European refiners ramp up production. There is a big switch going on: All the extra oil is going west, and the east-bound bubble has shrunk a bit.”

Exports from the Middle East, including non-OPEC members Oman and Yemen, will slip 0.3 percent to 17.78 million barrels a day in the four-week period, according to Oil Movements.

Crude on board tankers will average 482.94 million barrels, down 0.1 percent from the month to May 26, the researcher said. Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude crude held on board ships used as floating storage.

OPEC, which pumps 40 percent of the world’s oil, comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization will meet on June 14 in Vienna.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE