Bloomberg News

OPEC to Trim Crude Exports on Refinery Works, Oil Movements Says

April 04, 2013

The Organization of Petroleum Exporting Countries will cut crude shipments next month as global refinery maintenance peaks, according to tanker tracker Oil Movements.

The group that supplies about 40 percent of the world’s oil will reduce crude exports by about 120,000 barrels a day, or 0.5 percent, to 23.7 million a day in the four weeks to April 20, the researcher said today in an e-mailed report. The figures exclude Angola and Ecuador.

“Refiner crude demand is lower right now,” Roy Mason, the company’s founder, said by phone from Halifax, England. “It reaches a seasonal low in April.”

Middle East shipments will decrease by 0.5 percent to 17.38 million barrels a day in the period, compared with 17.46 in the four weeks to March 23, according to Oil Movements. That figure includes non-OPEC members Oman and Yemen.

OPEC’s collective production target of 30 million barrels a day is “working beautifully,” and there is no need to publicize individual national limits at its next meeting on May 31, Abdalla El-Badri, the group’s secretary general, said today in Paris.

Crude on board tankers will average 468.87 million barrels, down 1.9 percent on the previous period, the data show. Oil Movements calculates the volumes by tallying tanker bookings. Its figures exclude crude held on vessels for storage.

OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

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


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus