OPEC Supply to Drop 2.3% on Libyan Losses, Oil Movements Says
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The Organization of Petroleum Exporting Countries will cut oil shipments to their lowest level since October as armed conflict halts exports from Libya, according to tanker-tracker Oil Movements.
Shipments will fall to 22.91 million barrels a day in the four weeks to April 16, down 2.3 percent from 23.44 million in the period to March 19, the consultant said in a report today. That’s the lowest since mid-October, the company estimates. The data exclude Ecuador and Angola.