This year's seasonal increase in exports will be muted because of economic risks to demand
OPEC's daily shipments of oil will increase 0.8 percent in the four weeks to Oct. 18 on rising exports to Europe and the U.S., according to industry consultant Oil Movements.
The Organization of Petroleum Exporting Countries will load 24.5 million barrels a day in the period, compared with 24.3 million barrels a day shipped in the four weeks ended Sept. 20, the Halifax, England-based consultant said in a report.
''Westbound sailings from the Gulf should be going up strongly'' as refiners conclude third-quarter maintenance, Oil Movements founder Roy Mason said in a telephone interview.
This year's seasonal increase in exports will nonetheless be muted because of economic risks to demand, he added.
The 13 members of OPEC, 12 of which are subject to its quota system, resolved at a meeting in Vienna last month to stick more closely to official quotas. The organization will next convene in December in Algeria.
On a weekly basis, OPEC shipments in the four weeks to Oct. 18 are 0.8 percent down from the 24.68 million barrels a day shipped in the four weeks to Oct. 10.
This may indicate the group is showing some commitment to last month's agreement, Mason said.
Shipments from the Middle East will increase 0.8 percent to 17.51 million barrels a day in the period, Oil Movements said. The group as a whole is exporting 2 percent more than it did a year ago.
A total of 475.59 million barrels of crude will be on board tankers on Oct. 18, an increase of 3.5 percent from the month before, when there were 459.58 million being shipped.