OPEC Shipments to Rise in Month to June 14, Oil Movements Says

(Bloomberg) — OPEC’s daily shipments of oil will climb 1.5 percent in the four weeks to June 14, industry consultant Oil Movements forecast.

The Organization of Petroleum Exporting Countries will load 24.8 million barrels a day in the period, compared with 24.44 million barrels a day shipped in the four weeks ended May 17, the Halifax, England-based consultant said today in a report.


Saudi Arabia, the world’s largest oil exporter, agreed on May 16 to raise output by 300,000 barrels a day next month to meet rising seasonal demand for motor fuels. OPEC research head Hasan Qabazard said today there’s no need for additional supply, adding that the extra Saudi oil has failed to temper prices.

“It’s reasonable to suppose the increase is due to the Saudis,” Oil Movements founder Roy Mason said in a telephone interview. “We’re seeing an increase beyond anything we’ve seen previously in the year, so it’s the only explanation that fits.”

Cargo volumes are also increasing with the end of the refinery maintenance season in Europe and the U.S., Mason added.

Bloomberg