OPEC to trim exports by 190,000 bpd

OPEC LogoThe Organisation of Petroleum Exporting Countries, OPEC, will reduce crude shipments this month while refiners in the United States and Europe conduct seasonal maintenance, tanker-tracker, has Oil Movements said.

The group, which supplies about 40 per cent of the world’s oil, will cut exports by 190,000 barrels a day, bpd, or 0.8 per cent, to about 23.7 million barrels a day in the four weeks leading to August 31, the researcher said yesterday in an e-mailed report.

The figures exclude two of OPEC’s 12 members, Angola and Ecuador.

Refiners trim imports at the start of the third quarter while performing maintenance as summer demand for gasoline and diesel ebb. Brent crude climbed to a four-month high of $111.53 a barrel on the ICE Futures Europe exchange in London as clashes in Egypt and labour strikes in Libya raised concern that exports from the region will remain unstable.

Middle Eastern shipments will drop by 1.1 per cent to about 17.3 million barrels a day to August 31, compared with about 17.5 million in the month to August 3, Oil Movements added. That figure includes non-OPEC nations Oman and Yemen.

Crude on board tankers will decline 4.3 per cent to 481.7 million barrels, data from Oil Movements indicated.

The researcher calculates volumes by tallying tanker bookings, and excludes crude held on vessels for storage.


Information from The Nation was used in this report.



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