Bloomberg News

OPEC to Boost Exports as Refiners Stock Up, Oil Movements Says

November 24, 2011

Nov. 24 (Bloomberg) -- The Organization of Petroleum Exporting Countries will boost shipments by 1.9 percent up to the middle of December as refiners replenish crude inventories before demand for winter fuels peaks, according to tanker- tracker Oil Movements.

OPEC will export 23.52 million barrels a day in the four weeks to Dec. 10, up from the 23.09 million barrels shipped daily in the month to Nov. 12, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Ecuador and Angola.

“There’s a lot of crude moving,” Roy Mason, the founder of Oil Movements, said by phone. “Refiners don’t have any reserve. They ran inventories down in the summer and now they’re having to fill them up.”

Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, will climb to 17.89 million barrels a day, 1.2 percent more than the 17.68 million barrels shipped in the month to Nov. 12, according to Oil Movements’ estimates.

The destination for the increase in supplies is “overwhelmingly to the east,” Mason said.

Crude on board tankers will average 488.16 million barrels in the four-week period, up 5.3 percent from 463.75 million barrels in the period to Nov. 12, the researcher said.

Oil Movements calculates shipments by tallying 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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