OPEC Crude Exports to Rise on Refiner Demand, Oil Movements SaysLananh Nguyen
The Organization of Petroleum Exporting Countries will increase crude exports this month as refiners boost processing ahead of the peak summer travel season, tanker tracker Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 23.84 million barrels a day in the four weeks to May 25, up from 23.55 million barrels in the previous period, the researcher said in an e-mailed report. The figures exclude Angola and Ecuador.
“Refiner demand is strong,” Roy Mason, the company’s founder said today by phone from Halifax, England. “Refinery runs are on the way up.”
Middle East shipments will gain 1.6 percent to 17.51 million barrels a day, compared with 17.24 million during the month to April 27, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will advance 1.1 percent to 468.12 million barrels versus 463.11 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.