Oil Movements sees Higher OPEC Exports Last Week of August
8/15 10:37 AM
Oil Movements sees Higher OPEC Exports Last Week of August CRANBURY, N.J. (DTN) -- Crude oil exports from Organization of the Petroleum Exporting Countries are expected to increase during the final week of August, according to tanker tracker Oil Movements. Oil Movements projects sailings would increase 330,000 bpd to a 23.93 million bpd four-week average for the week-ending Aug. 31. OPEC sailings are expected 410,000 bpd higher than four weeks earlier, and projects sailings 1.07 million bbl below the comparable week a year ago. The weekly summary estimates Mideast sailings would decrease 60,000 bpd to a 16.08 million bpd four-week average in the week-ending Aug. 31, with exports seen 890,000 bpd higher for the seven-day period from four weeks earlier. Sailings are projected to be 2.85 million bpd below the corresponding week in 2018. Overall oil-in-transit is seen at 633 million bbl for the four weeks ending Aug. 31, up 7 million bbl from the prior week. Projected oil sailings are seen 3 million bbl higher than four weeks earlier, while 69 million bbl below the year earlier rate. Oil Movements is a respected tanker tracking company run by Halifax, England-based shipping analyst Roy Mason who uses spot bookings and other sources to estimate weekly oil exports from the 14 OPEC countries. (c) 2019 DTN. All rights reserved.
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