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Fri 26 Nov 2010 11:51 AM

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OPEC to raise exports by 0.7% on winter demand

Shipments will rise to 23.51m barrels a day in December from 23.34m barrels in November

OPEC to raise exports by 0.7% on winter demand
WINTER DEMAND: It is the seventh consecutive month on month increase, according to the weekly reports (Getty Images)

The Organization of Petroleum Exporting Countries will increase crude loadings by 0.7 percent up to the middle of December, according to tanker tracker Oil Movements, as winter demand peaks in the northern hemisphere.

Shipments will rise to 23.51 million barrels a day in the four weeks to December 11 from 23.34 million barrels in the period to November 13, the consultant said today in a report.

It’s the seventh consecutive month on month increase, according to the weekly reports. The data exclude Ecuador and Angola.

Shipments from Middle Eastern producers, including those from non OPEC members Oman and Yemen, will rise 0.9 percent to 17.41 million barrels a day from 17.25 million in the four weeks to Nov. 13, data from Oil Movements show.

A total of 474.77 million barrels of crude will be on board tankers in the month to December 11, up 3.9 percent on the November 13 figure of 457.1 million barrels, according to Oil Movements.

Oil Movements calculates shipments by keeping a tally of tanker rental agreements. Its figures exclude crude held on board ships used as floating storage.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the quota system.

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