By RUPERT ROWLING
The Organization of Petroleum Exporting Countries will increase crude shipments by 1% next month as they maximize flows before refineries are shut for maintenance, according to tanker tracker Oil Movements.
OPEC, which supplies about 40% of the worlds oil, will raise exports by 230,000 bpd to about 23.9 million bpd in the four weeks to Oct. 12 compared with the period to Sept. 14, the researcher said Friday in a report. The figures exclude two of OPECs 12 members, Angola and Ecuador.
Its what youd expect to happen at this time of year as we start to get into refinery maintenance season, Roy Mason, the companys founder, said by phone from Halifax, England. Its boring old seasonality and exports are likely to drift downward until the end of October or start of November.
Refiners typically trim imports at the end of the third quarter while performing maintenance as summer demand in the northern hemisphere for gasoline and diesel dwindles.
Middle Eastern shipments will climb 2.4% to 17.72 million bpd to Oct. 12, compared with 17.31 million bpd in the month to Sept. 14, according to Oil Movements. Those figures include non-OPEC nations Oman and Yemen.
Crude on board tankers will increase 0.7% to 483.79 million bbl on Oct. 12, data from Oil Movements show. The researcher calculates volumes by tallying tanker bookings, and excludes crude held on vessels for storage.
OPECs members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. It will next meet in Vienna on Dec. 4.