OPEC Crude Shipments Near to Seasonal Peak, Oil Movements Says

Crude shipments from the Organization of Petroleum Exporting Countries rose to near their highest for the year as refiners have purchased most of their requirements for the peak summer season, Oil Movements said.

The group, which supplies about 40 percent of the world’s oil, will export 24.16 million barrels a day in the four weeks to Aug. 3, an increase of 40,000 barrels from 24.12 million in the period to July 6, the tanker tracker said today in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.

“This is the end of the spike as all of the crude needed is on the water for loading in August,” Roy Mason, the company’s founder, said today by phone from Halifax, England.

Middle Eastern shipments will climb 0.2 percent to 1.81 million barrels a day to August 3, compared with 17.78 million in the month to July 6, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.

Crude on board tankers will increase by 5.5 percent to 500.49 million barrels versus 474.41 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.

Before it's here, it's on the Bloomberg Terminal.