OPEC to Cut Supply for First Time in 7 Weeks, Oil Movements Says
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OPEC will cut oil shipments by the end of the month for the first time in seven weeks as summer demand for driving fuel in the northern hemisphere is set to pass its peak, according to tanker-tracker Oil Movements.
The Organization of Petroleum Exporting Countries will ship 22.81 million barrels a day in the four weeks to July 2, down 0.7 percent from the period to June 4, the consultant said in a report. The data exclude Ecuador and Angola. It’s the first decline reported by Oil Movements since the month to May 14.