Oil Movements sees OPEC Exports to again Gain early April
3/26 10:57 AM
Oil Movements sees OPEC Exports to again Gain early April CRANBURY, N.J. (DTN) -- Tanker tracker firm Oil Movements projects crude oil exports from Organization of the Petroleum Exporting Countries will increase for a second week through April 11, which follows the conclusion of an OPEC+ agreement limiting production on March 31. Oil Movements projects sailings would increase 300,000 bpd to a 24.35 million bpd four-week average for the week-ending April 11. OPEC sailings are expected to be 480,000 bpd higher than four weeks earlier, and projects sailings 540,000 bpd above the comparable week a year ago. The weekly summary estimates a 110,000 bpd increase in Mideast sailings to an 18.16 million bpd four-week average in the week-ending April 11, with exports seen 1.41 million bpd higher for the seven-day period from four weeks earlier. Sailings are projected to be 1.17 million bpd above the corresponding week in 2019. Overall oil-in-transit is seen at 747 million bbl for the four weeks ending April 11, up 8 million bbl from the prior week. Projected oil sailings are seen 6 million bbl lower than four weeks earlier, while 10 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 OPEC. (c) 2020 DTN. All rights reserved.
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