OPEC to Cut Exports as Refinery Demand Slows, Oil Movements Says
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The Organization of Petroleum Exporting Countries will cut crude exports this month to the lowest level since November as refinery demand slows in Europe and North America, according to tanker-tracker Oil Movements.
OPEC, responsible for 40 percent of global oil supplies, will decrease shipments by 1.1 million barrels a day, or 4.6 percent, to 23.6 million a day in the four weeks to March 29, Oil Movements said in an e-mailed note. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. Sailings were last this low in the four weeks to Nov. 16, when an extended maintenance period caused a fall in refinery demand, according to the consultant.