OPEC To Boost Exports On Winter Fuel Demand, Oil Movements Says

From Bloomberg

by Morgane Lapeyre

The Organization of Petroleum Exporting Countries will increase crude shipments through late December as refiners boost purchases to meet winter heating demand, according to tanker tracker Oil Movements.

OPEC, which supplies about 40 percent of the world’s oil, will raise sailings by 710,000 barrels a day, or 3 percent, to 24.22 million barrels in the four weeks to Dec. 21, the researcher said today in a report. That compares with 23.51 million in the period to Nov. 23. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.

“It’s a move up to peak winter demand and refinery runs” in the northern hemisphere, Roy Mason, the company’s founder, said by phone from Halifax, England. He expects sailings from Saudi Arabia to rise in December.

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