OPEC Shipments to Increase 1.7% This Month, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase shipments of crude by 1.7 percent this month, tanker tracker Oil Movements said.

OPEC, which supplies about 40 percent of the world’s oil, will boost exports by 340,000 barrels a day to about 23.84 million barrels a day in the four weeks to Sept. 21 from the period to Aug. 24, the researcher said in a report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.

Brent crude traded today at about $114.70 a barrel on the ICE Futures Europe exchange in London. It gained 5.9 percent last month amid unrest in Egypt, Libya and Syria.

Middle Eastern shipments will rise by 2 percent to 17.48 million barrels a day to Sept. 21, compared with 17.14 in the month to Aug. 24, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.

Crude on on board tankers will decline 0.4 percent to 481.27 million barrels on Sept. 21, data from Oil Movements show. The researcher calculates volumes by tallying tanker bookings, and excludes 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.

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