OPEC will boost crude shipments to their highest level in more than six months as demand for heating fuels in the Northern Hemisphere picks up with the arrival of winter, according to Oil Movements.
The Organization of Petroleum Exporting Countries will increase exports by 390,000 barrels a day, or 1.6 percent, to 24.13 million a day in the four weeks to Nov. 17, compared with a month earlier, the tanker-tracker said today in a report. It’s the biggest rise and highest level since late April, according to the researcher. The data exclude Angola and Ecuador.
“We’re rolling up,” Roy Mason, the company’s founder, said by telephone from Halifax, England. “We’re moving into the winter season and sailings are going up. For the moment it’s all going west, and that’s seasonal too because their refineries come out of maintenance” before those in Asia, he said.
Sailings from the Middle East, including non-OPEC members Oman and Yemen, will increase by 2.4 percent to 17.76 million barrels a day in the four-week period, the report showed.
Crude on board tankers will average 487.32 million barrels, up 3.9 percent from 468.9 million in the previous month, the researcher said. Oil Movements calculates the volumes by tallying tanker-rental agreements. Its figures exclude oil held on board vessels as floating storage.
OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The group’s next meeting is scheduled for Dec. 12 at its headquarters in Vienna.