Bloomberg News

OPEC Exports Stagnate on Weak Global Demand, Oil Movements Says

October 06, 2011

Oct. 6 (Bloomberg) -- The Organization of Petroleum Exporting Countries will keep shipment levels unchanged through most of this month as the economic slump constrains demand, according to tanker-tracker Oil Movements.

OPEC will export about 22.72 million barrels a day in the four weeks to Oct. 22, little changed from the 22.74 million a day shipped in the month to Sept. 24, the Halifax, England-based company said today in a report. Shipments usually rise at this time of year as refiners prepare to boost production of winter fuels. The figures exclude Ecuador and Angola.

“It’s very weak by seasonal standards,” Roy Mason, Oil Movements’ founder, said by telephone. “Western demand is bound to be weakened by the economic situation, but the slow growth in eastbound shipments from the Gulf is more puzzling. The tanker market is dead and digging deeper.”

Shipments from Middle Eastern producers, including non-OPEC members Oman and Yemen, will also be little changed at 17.42 million barrels a day, according to Oil Movements estimates. Crude on board tankers will average 466.16 million barrels in the four-week period, down 0.3 percent from 467.45 million barrels in the period to Sept. 24, 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: John Buckley, Rachel Graham

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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