OPEC exports rise 110,000 bpd to Sept 20 – analyst

LONDON (Reuters) – OPEC oil exports, excluding Angola and Ecuador, will rise by 110,000 barrels per day (bpd) in the four weeks to Sept. 20, an analyst who tracks future flows said on Thursday.

Seaborne crude exports from 11 OPEC members, including Iraq, will rise to 24.50 million bpd from 24.39 million bpd in the four weeks to Aug. 23, British consultancy Oil Movements said in its latest estimate.


While flows are rising, an increase in supplies from Saudi Arabia that boosted shipments in the summer has now been rolled back, the consultancy said. The extra oil is heading east due to poor demand in the west.

“The additional Saudi oil is being taken off the market, either by restricting supply or more likely by reduced demand,” said Roy Mason of Oil Movements. “The message is that demand in the west is weak.”

Reuters