Wednesday, July 06, 2011 12:09:54 PM
By Grant Smith - Jun 30, 2011 11:30 AM ET
...
OPEC will cut oil shipments through to the middle of July as Asian refiners reduce imports while conducting seasonal maintenance work, according to tanker- tracker Oil Movements.
The Organization of Petroleum Exporting Countries will ship 22.7 million barrels a day in the four weeks to July 16, down 0.7 percent from the period to June 18, the consultant said in a report. The data, which excludes Ecuador and Angola, does not reflect any change in OPEC output in response to the International Energy Agency’s release of emergency stockpiles, Oil Movements said.
“Demand is diminished relative to what might have been expected and it’s mainly happening in the east,” Roy Mason, the founder of Oil Movements, said by telephone from Halifax, England. “They’re getting towards the peak of the maintenance season in the east, so it may be a temporary lull.”
The Paris-based International Energy Agency, an adviser to 28 oil-consuming nations, said June 23 its members will offer 60 million barrels of oil, the first deployment of strategic stockpiles in five years, after OPEC failed on June 8 to announce a plan on making up for halted Libyan exports. Saudi Arabia pledged that day to keep consumers supplied in the absence of an OPEC accord.
Shipments from Middle Eastern producers, including non-OPEC members Oman and Yemen, will drop 0.9 percent to 17.44 million barrels a day in the period, the report showed.
Crude on board tankers will average 485.44 million barrels in the four weeks, down 0.8 percent from 489.41 million barrels in the period to June 18, Oil Movements said.
Oil Movements calculates shipments by keeping a tally of tanker-rental agreements. Its figures exclude crude held on board ships as floating storage.
OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the group’s quota system.
Recent USO News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 01:21:55 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 07:31:39 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 10:22:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 02:25:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 03:54:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/28/2023 04:23:21 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 12/04/2023 10:02:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/28/2023 03:11:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 10:04:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/07/2023 04:25:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 11:38:08 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/29/2023 01:16:59 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 08/30/2023 04:15:19 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/29/2023 09:00:47 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/29/2023 08:23:41 PM
- Form AW - Amendment Withdrawal Request • Edgar (US Regulatory) • 08/29/2023 04:35:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2023 11:41:40 AM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 08/25/2023 05:29:49 PM
- Form S-4/A - Registration of securities, business combinations: [Amend] • Edgar (US Regulatory) • 08/25/2023 05:03:05 PM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 08/14/2023 09:01:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/08/2023 08:35:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2023 08:33:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/04/2023 01:02:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2023 02:01:09 PM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 07/14/2023 08:31:00 PM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM