Bloomberg News

OPEC Export Boost Stalls as Demand Falters, Oil Movements Says

September 29, 2011

Sept. 29 (Bloomberg) -- The Organization of Petroleum Exporting Countries will keep shipment levels unchanged through to the middle of next month because of limited demand from refiners in Asia, according to tanker-tracker Oil Movements.

OPEC will export about 22.69 million barrels a day in the four weeks to Oct. 15, the same amount that it shipped in the month to Sept. 17, the Halifax, England-based company said today in a report. Shipments often rise at this time of year as refiners prepare to boost production of winter fuels. The figures exclude Ecuador and Angola.

“There’s no pressure on OPEC to produce more,” Roy Mason, Oil Movements’ founder, said by telephone. “Movements from the Gulf are above year-ago but not excitingly so. The east doesn’t look very hungry. Chinese demand in the summer was pretty subdued.”

Shipments from Middle Eastern producers, including non-OPEC members Oman and Yemen, will also be unchanged to Oct. 15 from the previous period at 17.39 million barrels a day, according to Oil Movements estimates.

Crude on board tankers will average 470.09 million barrels in the four-week period, up 0.6 percent from 467.24 million barrels in the period to Sept. 17, the researcher said.

Oil Movements calculates shipments by keeping a tally of tanker-rental agreements. Its figures exclude crude held on board ships as floating storage.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization will meet next on Dec. 14 in Vienna.

--Editors: Alessandro Vitelli, John Buckley.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net


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