OPEC to Keep Exports Stable Amid Supply Glut, Oil Movements Says
The Organization of Petroleum Exporting Countries will keep crude shipments little changed into early next month as abundant inventories cap demand, tanker tracker Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 23.8 million barrels a day in the four weeks to June 8, compared with 23.9 million in the previous period to May 11, the researcher said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“Stock levels in the west are bound to be having an effect,” Roy Mason, the company’s founder said today by telephone from Halifax, England. “So much of the global stockpile build is showing up in the U.S.”
Middle Eastern shipments will slip by 0.6 percent to 17.47 million barrels a day, compared with 17.58 million in the month to May 11, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will advance 1.6 percent to 475.4 million barrels versus 468.1 million in the previous period, data from Oil Movements show. The researcher calculates the volumes by tallying tanker bookings. Its figures exclude 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. The group will next meet on May 31 in Vienna to discuss output policy.
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