The Organization of Petroleum Exporting Countries will increase crude shipments by 1.5 percent this month to meet rising demand from Asian refiners, tanker tracker Oil Movements said.
OPEC, which supplies about 40 percent of the world’s oil, will boost exports by 360,000 barrels a day to about 23.87 million barrels a day in the four weeks to Sept. 28 from the period to Aug. 31, the researcher said in a report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“All of the incremental increase in September is east-bound,” Roy Mason, the company’s founder, said by phone from Halifax, England. “There’s refiner demand because in the background things are doing well. Certainly, scheduled long-haul arrivals into China are running well above a year ago.”
Brent crude has recovered about 16 percent from this year’s low on signs the global economy is recovering, and as conflict and political disturbance in the Middle East and North Africa curbs oil supplies. It was at $112.46 a barrel on the ICE Futures Europe exchange as of 3:06 p.m. in London.
Middle Eastern shipments will rise by 2 percent to 17.51 million barrels a day to Sept. 28, compared with 17.17 million in the month to Aug. 31, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.
Crude on on board tankers will increase 1.2 percent to 480.58 million barrels on Sept. 28, data from Oil Movements show. The researcher calculates volumes by tallying tanker bookings, and excludes crude held on vessels for storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. It will next meet in Vienna on Dec. 4.