OPEC to Boost Shipments by Most This Year, Oil Movements SaysGrant Smith
The Organization of Petroleum Exporting Countries will increase shipments by the most this year as summer demand for driving fuels in the northern hemisphere nears its peak, according to Oil Movements.
The group, which supplies about 40 percent of the world’s oil, will ship 24.32 million barrels a day in the four weeks to July 27, up by 630,000 barrels, or 2.7 percent, from 23.69 million in the period to June 29, the tanker tracker said today in an e-mailed report. It’s the biggest gain in 2013 and brings exports to near their highest level of the year, according to the consultant. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“By and large this is it, the interval from mid-July to early August is where the peak occurs,” Roy Mason, the company’s founder, said today by phone from Halifax, England. “There’s certainly a revival in refining after prolonged maintenance and low demand in the second quarter. A lot is going east, but there’s an awful lot going west as well.”
Middle Eastern shipments will climb by 3.5 percent to 17.98 million barrels a day to July 27, compared with 17.38 million in the month to June 29, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will increase by 5.9 percent to 494.07 million barrels versus 466.36 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.