OPEC Exports to Rise on Winter Demand, Oil Movements SaysKonstantin Rozhnov
The Organization of Petroleum Exporting Countries will raise shipments through mid-February as a winter demand peak in the northern hemisphere approaches, according to tanker tracker Oil Movements.
The group that supplies about 40 percent of the world’s oil will export 23.6 million barrels a day in the four weeks to Feb. 16, up 100,000 barrels, or 0.4 percent, from the previous period, the researcher said today in an e-mailed report. Those figures exclude Angola and Ecuador.
“Numbers are going up, but it’s a modest increase, and the peak will also be modest,” Roy Mason, the company’s founder, said by phone from Halifax, England.
Shipments will continue to rise at a similar pace for another two weeks, until late-February when seasonal demand starts to decline, he said.
Middle East shipments will increase 0.6 percent to 17.2 million barrels a day in the period, compared with 17.1 million in the four weeks to Jan. 19, according to Oil Movements. That figure includes non-OPEC members Oman and Yemen.
Crude on board tankers will average 466.1 million barrels, down 1.8 percent on the previous period, the data show. Oil Movements calculates the volumes by tallying tanker bookings. Its figures exclude crude held on vessels for storage.
OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization is next scheduled to meet in May.