OPEC Exports to Rise to Near 7 1/2-Year High, Oil Movements Says
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The Organization of Petroleum Exporting Countries will boost crude exports to near their highest level since 2006 as refiners replenish stockpiles, Oil Movements said.
OPEC, responsible for 40 percent of global oil supplies, will increase shipments by 430,000 barrels a day, or 1.8 percent, to 24.38 million barrels in the four weeks to March 15, the Halifax, England-based firm said in an e-mailed note. Shipments were estimated to have reached 24.74 million in the same period to March 1. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.