OPEC exports to drop as Saudis trim output

File - A general view of the OPEC building and logo in Vienna May 29, 2013. (REUTERS/Leonhard Foeger)

The Organization of Petroleum Exporting Countries will reduce crude shipments through early next month as Saudi Arabia reduces exports, according to data from Oil Movements.

OPEC, which supplies about 40 percent of the world’s oil, will reduce sailings by 110,000 barrels per day, or 0.5 percent, to 23.8 million barrels in the four weeks to Nov. 9, the tanker tracker said Friday in a report. That compares with 23.91 million in the period to Oct. 12. The figures exclude two members, Angola and Ecuador.

“The Saudis are actually starting to go down,” Roy Mason, the company’s founder, said.

If OPEC exports and demand remain at current levels, “by Christmas, you’re looking potentially at six months of serious surplus,” he said.

Refinery processing rates typically decline at the end of the third quarter as plants prepare to meet higher demand for heating fuel during the northern hemisphere winter. Brent crude was at $107.37 a barrel as of 3:57 p.m. on the ICE Futures Europe exchange in London, after gaining about 6 percent in the three months to September.

Middle Eastern shipments will fall 0.9 percent to 17.45 million bpd in the month to Nov. 9.

A version of this article appeared in the print edition of The Daily Star on October 26, 2013, on page 4.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here