OPEC to Increase Shipments on Heating Demand, Oil Movements Says
OPEC will boost crude shipments next month as winter demand for heating oil and diesel climbs in the Northern Hemisphere, according to Oil Movements.
The Organization of Petroleum Exporting Countries will export 23.84 million barrels a day in the four weeks to Nov. 10, up 0.8 percent from 23.64 million a month earlier, the tanker- tracker said today in its weekly report. The data exclude Angola and Ecuador.
“Distillate demand is going to strengthen over the winter, no question about it,” Roy Mason, the researcher’s founder, said by telephone from Halifax, England. “Refiners are going to have to get runs up to meet that.”
Sailings from the Middle East, including non-OPEC members Oman and Yemen, will increase by 1.5 percent to 17.49 million barrels a day in the four-week period, the report showed.
Crude on board tankers will average 469.43 million barrels, down 0.3 percent from 470.76 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.
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