By NATASHA DOFF
The Organization of Petroleum Exporting Countries (OPEC) will
cut crude exports this month to the lowest level since
November as refinery
demand slows in Europe
and North America,
according to tanker-tracker Oil Movements
OPEC, responsible for 40% of global oil supplies, will
decrease shipments by 1.1 million bpd, or 4.6%, to 23.6
million bpd in the four weeks to March 29, Oil
Movements said in an e-mailed note. The figures exclude
two of OPECs 12 members, Angola and Ecuador.
Sailings were last this low in the four weeks to Nov. 16,
when an extended maintenance
period caused a fall
demand, according to the
There is a spring low point for refinery
demand sometime in
April in Europe
and North America, Oil
Movements founder Roy Mason, said by phone from Halifax,
England. Demand is going down and sailings respond to
Global oil consumption typically ebbs at the end of the first
quarter as demand for heating fuel tapers off and refiners
start to perform routine overhauls.
Middle Eastern exports will average 17.23 million bpd in the
four weeks to March 29, compared with 18.23 million bpd in
the period to March 1, Oil Movements said. These
figures include non-OPEC nations Oman and Yemen.
Crude-on-board tankers will drop by 2.8% to 482.21 million
bbl in the four weeks to March 29, from 496.34 million in the
previous period, data from Oil Movements show. The
researcher calculates volumes by tallying tanker bookings and
excludes crude held on vessels for storage.
OPECs members are Algeria, Angola, Ecuador, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates and Venezuela. The group will next meet on June 11
at its headquarters in Vienna.