LONDON, Jan 5: Opec oil to be shipped in the four weeks to January 21 rose 240,000 barrels per day (bpd) in a surprise counter-seasonal build as westbound exports recovered, a leading oil shipping analyst said on Thursday.
Roy Mason of consultancy Oil Movements said seaborne exports to customers from Opec’s 11 producers rose to 25.24 million bpd, up from 25 million bpd of spot and term shipments in the four weeks to December 24.
He said that by the third week of January Opec exports will be well over a million barrels per day higher than this time last year, a very significant change.
“Westbound sailings are recovering after moving down quite a lot at the end of last year,” Mason told Reuters.
“The arbitrage is moving in favour of the West and more so than in the recent past — so as a price response it makes sense.”—Reuters
