OPEC sailings set to lift global oil stocks at sea: Oil Movements

Singapore (Platts)--7Jul2006

Global oil stocks at sea, or crude oil in transit from producers to
consumers, will likely approach 500 million barrels in late July, up from a
recent low around 450 million in early May, according to Roy Mason, who tracks
global crude tanker activity for Oil Movements, a UK-based consultancy.
An estimated four-week rolling average of global oil stocks at sea should
rise to about 493 million barrels by July 22, up from a low of about 450
million on May 6. Average global oil stocks recently peaked at around 503
million barrels in early March, Mason estimates.
"Rising long haul sailings have translated directly into a sharp climb in
stocks at sea -- stocks at sea are building at around 0.5 million b/d this
month," Mason wrote in the latest issue of his weekly newsletter released
Thursday.
Leading the rise is a recovery in OPEC sailings that has been underway
since mid-May. Moreover, "at least some of the extra July barrels on the move
will reflect higher production last month -- higher pipeline flows of Iraq
Kirkuk in June will restart exports from the east Med terminal, and count as
July barrels," Mason wrote.
An estimated four-week rolling average of OPEC crude sailings looks set
to reach about 25.2 million b/d for the four weeks ending July 22. That
would be up from a recent low of about 24.2 million b/d in mid-May, Mason
estimates.

Read more about OPEC in Platts Guide at
http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml


 

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