OPEC exports to rise by most in 4 months, says Oil Movements
BY GRANT SMITH
HALIFAX, UK (Bloomberg) -- The Organization of Petroleum Exporting Countries will raise crude shipments by the most in four months as winter fuel use pushes demand toward its highest point of the year, according to tanker tracker Oil Movements.
OPEC, which supplies about 40 percent of the world’s oil, will bolster sailings by 400,000 barrels a day, or 1.7 percent, to 23.78 million barrels in the four weeks to Nov. 30, the researcher said today in a report. That compares with 23.38 million in the period to Nov. 2. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. It’s the biggest increase since end-July, the researcher said.
“This is the time of year when runs are going up East and West, and we should be hitting an annual peak level sometime in the next couple of weeks,” Roy Mason, the company’s founder, said by phone from Halifax, England.
Shipments are climbing more slowly than normal for the time of year as booming production in the U.S. and other non-OPEC nations means that stockpiles are already sufficient, according to Oil Movements. U.S. crude output was higher than the country’s imports last month for the first time since 1995, the Energy Department estimates. Brent crude futures have slipped 2.5 percent this year, trading near $108 a barrel today.
Middle Eastern exports will rise 2.2 percent to 17.43 million barrels a day in the month to Nov. 30, versus 17.05 million in the previous period, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.
Crude on board tankers will decline by 0.9 percent on Nov. 30 to 479.94 million barrels from 484.34 million four weeks prior, 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.