The Organisation of Petroleum Exporting Countries (OPEC) will cut crude shipments this month by 1 per cent as demand tapers off after peaking for the northern hemisphere winter, Bloomberg quoted tanker tracker Oil Movements to have said.
The group, which supplies about 40 per cent of the world’s oil, will export 24.02 million barrels a day in the four weeks to January, 19, down 250,000 barrels from the previous period, the researcher said in an e-mailed report. The figures, according to the report exclude Angola and Ecuador.
OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organisation is next scheduled to meet in May.