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OPEC to Cut Exports as Global Demand Falters, Oil Movements Says

The Organization of Petroleum Exporting Countries will reduce crude shipments this month as weakness in the global economy constrains demand and refiners finish maintenance, according to tanker tracker Oil Movements.

The group that supplies about 40 percent of the world’s oil will curb exports by about 220,000 barrels a day, or 0.9 percent, to 23.54 million a day in the four weeks to May 4, the researcher said today in an e-mailed report. The figures exclude Angola and Ecuador.