OPEC to Boost Exports Before Refinery Halts, Oil Movements SaysRupert Rowling
The Organization of Petroleum Exporting Countries will increase crude shipments by 1 percent next month as they maximize flows before refineries are shut for maintenance, according to tanker tracker Oil Movements.
OPEC, which supplies about 40 percent of the world’s oil, will raise exports by 230,000 barrels a day to about 23.9 million a day in the four weeks to Oct. 12 compared with the period to Sept. 14, the researcher said today in a report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“It’s what you’d expect to happen at this time of year as we start to get into refinery maintenance season,” Roy Mason, the company’s founder, said by phone from Halifax, England. “It’s boring old seasonality and exports are likely to drift downward until the end of October or start of November.”
Refiners typically trim imports at the end of the third quarter while performing maintenance as summer demand in the northern hemisphere for gasoline and diesel dwindles. Brent crude was at $108.78 a barrel as of 3:17 p.m. today on the ICE Futures Europe exchange in London. It has risen 6.4 percent so far this quarter.
Middle Eastern shipments will climb 2.4 percent to 17.72 million barrels a day to Oct. 12, compared with 17.31 million in the month to Sept. 14, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.
Crude on board tankers will increase 0.7 percent to 483.79 million barrels on Oct. 12, 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.