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Oil Movements: OPEC Exports seen edging Lower Early March
2/14 10:42 AM
Oil Movements: OPEC Exports seen edging Lower Early March CRANBURY, N.J. (DTN) -- Crude oil exports from Organization of the Petroleum Exporting Countries are expected to ease slightly during the week-ended March 2 after an uptick in the previous week, according to tanker tracker Oil Movements, with OPEC exports having trended lower this year through mid-February. Oil Movements projects sailings would ease 10,000 bpd to a 24.59 million bpd four-week average for the week-ending March 2. OPEC sailings are expected to increase by 110,000 bpd from four weeks earlier, and projects sailings 390,000 bpd below the comparable week a year ago. The weekly summary estimates Mideast sailings would decline 330,000 bpd to a 17.42 million bpd four-week average in the week-ending March 2, with exports seen 230,000 bpd lower for the seven-day period from four weeks earlier. Sailings are projected to be 100,000 bpd above the corresponding week in 2018. Overall oil-in-transit is seen at 683.0 million bbl for the four weeks ending March 2, down 13.0 million bbl from the prior week. Projected oil sailings are seen 16.0 million bbl lower than four weeks earlier, while 24.0 million bbl above year earlier rate. Oil Movements is a respected tanker tracking company run by Halifax, England-based shipping analyst Roy Mason who uses spot bookings and other sources to estimate weekly oil exports from the 14 OPEC countries. (c) 2019 DTN. All rights reserved.