OPEC to Trim Shipments as Demand Declines, Oil Movements Says
By Natasha Doff
The Organization of Petroleum Exporting Countries will reduce shipments through to mid-February as western demand falls with the end of winter in the northern hemisphere, according to Oil Movements.
OPEC, supplier of about 40 percent of the world’s oil, will reduce sailings by 90,000 barrels a day, or 0.4 percent, to 23.72 million barrels in the four weeks to Feb. 15, the researcher said today in a report. That compares with 23.81 million in the period to Jan. 18. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
“There is still a definite reduction in crude demand from here on,” Oil Movements founder Roy Mason said by phone from Halifax, England. “In the west it’s weakening because turnaround season is round the corner,” he said, referring to maintenance at refineries in the U.S. and Europe due to start next month.
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