OPEC oil exports to fall further to May 9: analyst
April 25, 2009 - 0:0
LONDON (Reuters) - OPEC seaborne oil exports, excluding Angola and Ecuador, will fall 130,000 barrels per day (bpd) in the four weeks to May 9, an analyst who tracks future shipments said on Thursday.
Exports from the group will average 22.27 million bpd, down from 22.40 million bpd in the four weeks to April 11, UK consultancy Oil Movements said in its latest weekly estimate.“Weak demand is driving the situation,” said Roy Mason of Oil Movements, adding it was being compounded by seasonal factors.
“The rate of decline is slowing,” he said.
Supplies are falling as the Organization of the Petroleum Exporting Countries implements output curbs totaling 4.2 million bpd from its production levels in September.
OPEC’s compliance with the supply curbs is about 80 percent, which has been unchanged in recent weeks, Mason added.