OPEC to Curb Shipments Amid Demand Slump: Oil Movements
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The Organization of Petroleum Exporting Countries will reduce crude shipments into mid-June as demand growth slows, tanker tracker Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 23.91 million barrels a day in the four weeks to June 15, compared with 24.12 million in the previous period to May 18, the researcher said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. The organization will meet in Vienna tomorrow to discuss its production target, which is currently 30 million barrels a day.