OPEC shipments expected to rise

Apr 14, 2005 02:00 AM

Crude oil shipped by OPEC is expected to rise by 340,000 bpd in April, a shipping consultant said. The increase put OPEC's shipboard exports at 24.42 mm bpd, compared to 24.08 mm bpd in March, Roy Mason, head of Oil Movements said.
"There's a clear commitment by OPEC to going up and it is showing up in the Atlantic basin," Mason said.

Oil prices are at two-months lows on easing supply fears. Westbound shipments from the Persian Gulf are rising and will lead to a build in oil stocks at a time they usually fall, Mason said. Rising supplies are pushing oil prices into contango, where prompt prices are at a discount, encouraging buyers to build inventories.
"It pays to build stocks to hold the stuff. Through most of the last two years, there has never been an incentive to build stocks," he said. That could put further downward pressure on oil prices, he said.

OPEC pumped 29.89 mm bpd in March, up 440,000 bpd on the month.

Source: Dow Jones
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