Oil shipments from the Organization of the Petroleum Exporting Countries are to increase by 640,000 barrels a day in the four weeks to Nov. 24, compared with the previous four-week period, U.K.-based tanker tracker, Oil Movements said Thursday.
The figure, which excludes exports from Angola and Ecuador, reflects a seasonal uptick in oil demand ahead of winter, notably in the West, said Roy Mason, head of Oil Movements.
– Benoit Faucon, (c) 2012 Dow Jones & Company
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The United Arab Emirates said on Tuesday it was quitting OPEC, dealing a heavy blow to the oil producers' group as an unprecedented energy crisis triggered by the Iran war exposes discord among Gulf nations.
Trade is agnostic, and because it is a physical entity that can be tracked, it can blast away the bluster of trade announcements. The reality is in the trade moving.
India is sending additional warships to the Gulf of Oman and Arabian Sea to ensure the safe passage of its vessels in anticipation that Iran may allow more of its fuel tankers to exit the Strait of Hormuz, people familiar with the matter said.
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