OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements

LONDON (Dow Jones)–Organization of Petroleum Exporting Countries oil exports
will rise by 280,000 barrels a day from the previous four weeks to 24.55
million b/d for the four weeks ending Nov. 13, tanker-tracker Oil Movements
said Thursday.

10-28 08:22: OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements
DJ OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements

LONDON (Dow Jones)–Organization of Petroleum Exporting Countries oil exports
will rise by 280,000 barrels a day from the previous four weeks to 24.55
million b/d for the four weeks ending Nov. 13, tanker-tracker Oil Movements
said Thursday.

Last week, Oil Movement said shipments of crude from OPEC were expected to
rise 40,000 b/d from the previous four weeks to 24.39 million b/d for the four
weeks ending Nov. 6, based on spot charters and tanker fixtures, the weekly
report said.

Delays in unloading in the U.S. Gulf of Mexico has contributed to a build of
oil at sea, forcing up tanker rates and stretching the market, Roy Mason, head
of Oil Movements said.

“Looking at the bright side, the build in stocks at sea will go some way to
solving the emerging problem of ‘missing barrels’, ” Mason said.

The seasonal upturn in chartering visible last year at the same time, hasn’t
happened this year, he said.

Oil futures traded in New York and London plummeted 5% in two days after
surprise builds of U.S. petroleum inventories were announced Wednesday.

Mason said oil arrivals to the U.S. would taper off in November.

-By Shai Oster, Dow Jones Newswires; +44-20-7842-9357;
shai.oster@dowjones.com

(END) Dow Jones Newswires

10-28-04 1121ET

DJ info:
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PC,N/PET

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