OPEC Cuts Exports Amid Fall in Winter Demand, Oil Movements Says

From Bloomberg

By Natasha Doff

The Organization of Petroleum Exporting Countries will cut crude shipments through early February as easing growth in Asia adds to a seasonal slowdown in demand, according to Oil Movements.

OPEC, supplier of about 40 percent of the world’s oil, will reduce sailings by 210,000 barrels a day, or 0.9 percent, to 23.66 million barrels in the four weeks to Feb. 8, the researcher said today in a report. That compares with 23.87 million in the period to Jan. 11. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.

“Sailings are low and have fallen in the last month,” Oil Movements founder Roy Mason said by phone from Halifax, England. “Looking forward, there is going to be a move up.”

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