OPEC Trims Exports as Gulf Members Cut Back, Oil Movements Says
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The Organization of Petroleum Exporting Countries will trim exports as Gulf producers led by Saudi Arabia pare a surge in output, according to tanker-tracker Oil Movements.
OPEC, responsible for about 40 percent of global supplies, will reduce shipments by 20,000 barrels a day to 23.92 million a day in the four weeks to July 7, compared with 23.94 million to June 9, the researcher said today in an e-mailed report. The data exclude Angola and Ecuador. The group pledged to constrain supplies at a meeting last week in order to comply better with its collective production target.