OPEC Exports Falling Over Next 4 Weeks

By MarEx 2013-08-01 15:16:00

Seaborne oil exports from OPEC, excluding Angola and Ecuador, will fall by 490,000 barrels per day (bpd) in the four weeks to Aug. 17, an analyst who estimates future shipments said on Thursday.

Exports will reach 24.02 million bpd on average, compared with 24.51 million bpd in the four weeks to July 20, British consultancy Oil Movements said in its weekly estimate.

The Organization of the Petroleum Exporting Countries (OPEC) pumps more than a third of the world's oil. At a May meeting in Vienna, the 12-member group agreed to keep its 30 million bpd output target for the rest of 2013.

Reporting by Jonathan Saul; editing by James Jukwey (C) Reuters 2013.

The products and services herein described in this press release are not endorsed by The Maritime Executive.