Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
Advanced Search
The Daily Star
WEDNESDAY, 19 JUN 2013
07:01 AM Beirut time
Weather    
Beirut
25 °C
Blom Index
BLOM
1,147.9down
x
Middle East
Follow this story Print Email this RSS Feed ePaper share this
OPEC to boost supply for final winter demand
Bloomberg
President of the Organization of the Petroleum Exporting Countries (OPEC) conference. (AFP PHOTO / ALEXANDER KLEIN)
President of the Organization of the Petroleum Exporting Countries (OPEC) conference. (AFP PHOTO / ALEXANDER KLEIN)
A+ A-

The Organization of Petroleum Exporting Countries will increase crude shipments this month to meet the final phase of peak winter demand in the northern hemisphere, according to tanker tracker Oil Movements.

The group that supplies about 40 percent of the world’s oil will export 24.15 million barrels a day in the four weeks to Jan. 26, up 210,000 barrels, or 0.9 percent, from the previous period, the researcher said today in an emailed report. The figures exclude Angola and Ecuador.

“Winter demand is still strong in the east, near the tail end but not quite there,” Roy Mason, the research company’s founder, said by phone from Halifax, England. “We’ve got another two or three weeks to go before we’re at the peak.”

Brent crude rose as high as $113.29 a barrel on the ICE Futures Europe exchange in London Friday, its strongest level in almost three months, amid signs of economic recovery and lower production by Saudi Arabia. The kingdom cut output by 465,000 barrels a day, or 4.9 percent, in December to 9.025 million, according to a Gulf official who declined to be identified.

“It’s probably the right time to put the brakes on,” Mason said. “Looking ahead, they must be able to see a price decline in the spring” because OPEC is currently supplying more than the market needs, he said.

Middle East shipments will increase 1.3 percent to 17.83 million barrels a day in the period, compared with 17.6 million in the four weeks to Dec. 29, according to the report. That figure includes non-OPEC members Oman and Yemen.

Crude on board tankers will average 476.1 million barrels, down 2 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.

 
A version of this article appeared in the print edition of The Daily Star on January 12, 2013, on page 4.
Home Middle East
 
     
 
OPEC / Saudi Arabia / Oil & Gas
Advertisement
Around the Web
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Story Summary
The Organization of Petroleum Exporting Countries will increase crude shipments this month to meet the final phase of peak winter demand in the northern hemisphere, according to tanker tracker Oil Movements.

The group that supplies about 40 percent of the world's oil will export 24.15 million barrels a day in the four weeks to Jan. 26, up 210,000 barrels, or 0.9 percent, from the previous period, the researcher said today in an emailed report.

Middle East shipments will increase 1.3 percent to 17.83 million barrels a day in the period, compared with 17.6 million in the four weeks to Dec. 29, according to the report.
Entities
Advertisement
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Sidon Clashes- in pictures
The Lebanese Army deployed Tuesday in Abra, an eastern suburb of the southern city of Sidon, after clashes between supporters of Sheikh Ahmad Assir and the Resistance Brigades, a pro-Hezbollah group, that claimed the life of one resident.
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Lessons I learned along Edgware Road
Michael Young
Michael Young
Abandon privacy, the NSA tells America
David Ignatius
David Ignatius
Bolstering moderates must be America’s Mideast priority
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2013 The Daily Star - All Rights Reserved - Designed and Developed By IDS