OPEC Crude Exports to Rise, Oil Movement Says
The Organization of Petroleum Exporting Countries will boost shipments by 2.3 percent through late July as driving demand peaks during the northern hemisphere summer, according to Oil Movements.
The group that supplies about 40 percent of the world’s oil will ship 24.18 million barrels a day in the four weeks to July 20, up from 23.64 million in the period to June 22, the tanker tracker said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“This is it, this is the mid-year peak,” Roy Mason, the company’s founder, said today by phone from Halifax, England. “It’s the point in the year when refiners, both east and west of Suez, are looking for crude for the summer season, when refinery runs hit peak. So that drives demand up.”
Middle Eastern shipments will jump by 2.9 percent to 17.83 million barrels a day, compared with 17.32 million in the month to June 22, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will increase by 6.3 percent to 496.01 million barrels versus 466.5 million, 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. It will next meet in Vienna on Dec. 4.
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