Bloomberg News

OPEC to Trim Exports on Seasonal Demand Lull, Oil Movements Says

July 26, 2012

The Organization of Petroleum Exporting Countries will trim exports through to the middle of next month as refiners cut their crude intake during seasonal maintenance, according to tanker-tracker Oil Movements.

OPEC, responsible for about 40 percent of global supplies, will curb daily exports by 0.3 percent to 23.84 million in the four weeks to Aug. 11, compared with 23.91 million a month earlier, the researcher said today in an e-mailed report. The data exclude Angola and Ecuador.

“The tanker market’s dead because crude demand is sluggish,” Roy Mason, the company’s founder, said by telephone from Halifax, England. “We’re into the long period of seasonal decline and this goes on until the beginning of October.”

Exports from the Middle East, including non-OPEC members Oman and Yemen, will be little changed at 17.51 million barrels a day in the four-week period, according to Oil Movements.

Crude on board tankers will average 496.24 million barrels, down 0.5 percent from the month to July 14, the researcher said. Oil Movements calculates shipments by tallying tanker-rental agreements. Its figures exclude oil held on board vessels used as floating storage.

OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. It plans to meet next on Dec. 12.

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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