Monday, April 7, 2008

OPEC exports down 100,000 bpd

OPEC exports down 100,000 bpd 4 wks to Mar 23
Mon 7 Apr 2008

LONDON, April 7 (Reuters) - OPEC seaborne oil exports, excluding Angola and Ecuador, fell 100,000 barrels per day (bpd) in the four weeks to March 23, mostly on slippage from Gulf producers, data released by Lloyd's Marine Intelligence Unit showed on Monday.

LMIU said shipments from 11 OPEC producers, including Iraq, fell to an average of 22.104 million bpd in the peroid, versus 22.201 in the previous four weeks to Feb. 25.

"Exports are trending downwards, with Gulf shipments clearly falling in the period. Volumes are cyclically lower," an LMIU analyst said.

He said that refinery maintenance in the first and early into the second quarter was likely affecting flows as demand slows.

The analyst said lower output in Nigeria and Venzuela in March, could also be responsible for the turndown, a trend confirmed by other industry sources and analysts.

Last week a Reuters survey of 12 OPEC members showed production fell slightly in March because of lower Nigerian and Venezuelan output as maintenance at oil installations curbed supply.

No comments: