Bloomberg News

OPEC Raises Crude Exports on Libyan Supply, Oil Movements Says

December 20, 2011

Dec. 15 (Bloomberg) -- The Organization of Petroleum Exporting Countries will boost crude supply by 0.6 percent this month as Libya raises output, according to tanker-tracker Oil Movements. Exports from the Middle East will drop.

OPEC will pump 23.65 million barrels a day in the four weeks to Dec. 31, up from the 23.51 million barrels shipped daily in the month to Dec. 3, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Ecuador and Angola.

“The great surge in Middle East exports in November has definitely finished,” Roy Mason, founder of Oil Movements, said by phone. “It’s down to Libya now.”

Exports from Middle Eastern producers, including non-OPEC members Oman and Yemen, are set to decline to 17.83 million barrels a day, compared with 17.89 million in the four weeks to Dec. 3, according to estimates from Oil Movements.

OPEC producers met yesterday in Vienna, agreeing to a production limit of 30 million barrels a day that includes Libya and Iraq, both of whom are increasing output. Libyan supply will return to pre-conflict levels by the third quarter of next year, Oil Minister Abdul-Rahman Ben Yezza said.

Crude on board tankers will average 486.95 million barrels in the four-week period, up 0.3 percent from 485.55 million in the period to Dec. 3, according to today’s report. Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude crude held on board ships as floating storage.

OPEC’s members, which pump 40 percent of the world’s oil, are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

--Editors: Raj Rajendran, Rob Verdonck.

To contact the reporter on this story: Rachel Graham in London rgraham13@bloomberg.net

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


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