The Organization of Petroleum Exporting Countries will increase crude exports this month to meet rising demand from Asian refiners, tanker tracker Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 23.87 million barrels a day in the four weeks to June 1, up from 23.65 million in the previous period to May 4, the researcher said in an e-mailed report. The figures exclude Angola and Ecuador.
“Demand is pulling sailings up,” Roy Mason, the company’s founder said today by phone from Halifax, England. “The increases are mainly heading eastbound from West Africa and the Middle East. That makes sense because this is the peak of the eastern season. They’ll need more crude.”
Middle East shipments will gain 1.2 percent to 17.54 million barrels a day, compared with 17.33 million during the month to May 4, according to Oil Movements. That figure includes non-OPEC nations Oman and Yemen.
Crude on board tankers will advance 1.1 percent to 470.54 million barrels versus 465.42 million in the previous period, data from Oil Movements show. The researcher calculates the volumes by tallying tanker bookings. Its figures exclude crude held on vessels for storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The group will next meet on May 31 in Vienna to discuss output policy.
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