OPEC to Reduce Exports as Demand Passes Peak, Oil Movements Says
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Crude shipments from the Organization of Petroleum Exporting Countries will decline from near their highest in a year as summer demand passes its peak, tanker-tracker Oil Movements said.
The group, which supplies about 40 percent of the world’s oil, will cut exports by 410,000 barrels a day, or 1.7 percent, to 23.95 million barrels a day in the four weeks to Aug. 10, the researcher said today in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.