The Organization of Petroleum Exporting Countries will increase crude shipments by 1.4 percent through to early October as Saudi Arabia boosts output amid losses in Libya, tanker tracker Oil Movements said.
OPEC, which supplies about 40 percent of the world’s oil, will raise exports by 320,000 barrels a day to about 23.9 million a day in the four weeks to Oct. 5 compared with the period to Sept. 7, the researcher said in a report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador, and may be revised lower to reflect recent disruptions in Libya production, according to Oil Movements.
“The Saudis are already ramping up to the high points of the year,” Roy Mason, the company’s founder, said by phone from Halifax, England. Shipments will decline in coming weeks as refiners conduct seasonal maintenance work, he said.
Libyan production has been curbed as a labor dispute at oil terminals cripples the nation’s export capabilities. The disruption has prompted Saudi Arabia, the world’s largest oil exporter, to replace the lost supplies, according to Oil Movements. Brent crude was at $109.70 a barrel on the ICE Futures Europe exchange as of 3:42 p.m. in London.
Middle Eastern shipments will rise by 1.8 percent to 17.54 million barrels a day to Oct. 5, compared with 17.23 million in the month to Sept. 7, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.
Crude on board tankers will increase 0.6 percent to 479.39 million barrels on Oct. 5, 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.