OPEC to Boost Shipments as Demand Peak Nears, Oil Movements SaysGrant Smith
The Organization of Petroleum Exporting Countries will raise shipments by 1.9 percent through the middle of July as summer demand for driving fuels in the northern hemisphere nears its highest point, Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 24.03 million barrels a day in the four weeks to July 13, up 450,000 a day from 23.58 million in the previous period to June 15, the tanker tracker said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“This is heading into the point where refinery runs peak and therefore crude demand peaks,” Roy Mason, the company’s founder, said today by phone from Halifax, England. “Quite a bit of the increase is going west. Sometime in the next three weeks we’ll get that peak and then its downhill until the winter.”
Middle Eastern shipments will jump by 2.4 percent to 17.69 million barrels a day, compared with 17.27 million in the month to June 15, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will increase by 2.7 percent to 482.23 million barrels versus 469.67 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.