OPEC to Cut Exports as Global Demand Slows, Oil Movements Says
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The Organization of Petroleum Exporting Countries will cut shipments by 0.7 percent as consumption gains among OPEC nations and slows in other parts of the world, according to tanker-tracker Oil Movements.
Exports will drop to 22.78 million barrels a day in the four weeks to Aug. 20, the Halifax, England-based researcher said today in a report. That compares with 22.93 million barrels in the month to July 23. The data excludes Ecuador and Angola. It’s the first reduction reported by Oil Movements since the four weeks to July 16.