DJ OPEC’s Eastbound Exports Hit 3-Yr High – Oil Movements

LONDON (Dow Jones)–Crude oil exports from the Organization of Petroleum
Exporting Countries are set to slip down despite a pledge to increase output,
but exports to Asia will hit a three-year high, tanker tracker Oil Movements
said Thursday. Missing from the figures is any sign of OPEC’s promised extra oil.
DJ OPEC’s Eastbound Exports Hit 3-Yr High – Oil Movements

LONDON (Dow Jones)–Crude oil exports from the Organization of Petroleum
Exporting Countries are set to slip down despite a pledge to increase output,
but exports to Asia will hit a three-year high, tanker tracker Oil Movements
said Thursday.

Eastbound spot and contractual shipments of crude oil during the four weeks
through April 9 will hit 12.2 million barrels a day, up 700,000 b/d on the 11.5
million b/d seen in the preceding four-week period, said Roy Mason, head of the
consultancy.

Crude shipments to the Asia region had fallen during the first quarter of the
year, reflected in falling import data released in recent days by China, India,
Japan and South Korea.

Westbound shipments heading to U.S. markets plunged 910,000 b/d through April
9, Mason said.

Overall OPEC exports fell for the third week, dropping 140,000 b/d to 23.78
million b/d from 23.92 million b/d.

“If you’re looking at the east, there’s the extra oil. But against that,
there’s a very steep decline in westbound oil, virtually offsetting the gain.
In the aggregate, there’s no extra oil,” he said.

Mason looks only at exports, not production.

The shift to the east is seasonally normal as U.S. refiners enter maintenance
after peak winter months and Asia buys more crude ahead of turnaround in May
and June, he said.

Missing from the figures is any sign of OPEC’s promised extra oil.

OPEC agreed to raise its output limits by 2% Wednesday, after Saudi Arabia
and Kuwait said they were already pumping more oil unilaterally to get ahead of
a jump in oil demand expected later this year. Kuwait and Saudi Arabia said
they will be producing at least an additional 370,000 b/d by April.

An expected surge in tanker rates on the back of higher exports has failed to
materialize, further hinting that OPEC isn’t following through yet, Mason said.

Tanker-tracker Petrologistics said top oil producer Saudi Arabia was caught
unprepared by the surge in demand and was having a hard time pumping more after
preparing to cut back ahead of an expected seasonal decline.

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

(END) Dow Jones Newswires

03-24-05 1014ET

DJ info:
N/DJCS,N/DJOS,N/OSCM,N/OSEN,N/OSOV,N/OSTR,N/DJWI,N/FCTV,N/NJR,N/OPC,N/PET

KEYWORDS: FSN60021 CEOT ENERGY GENERAL

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