Roy Mason, head of the consultancy, said OPEC countries still had a significant way to before getting compliant with their total announced production cuts of 4.2 million barrels a day.
Of those announced reductions, OPEC nations have actually cut output by around 1.2 million barrels a day, Mason said, based on his data. “They have miles to go before getting into compliance, but we are seeing sailings (shipments) down in January and part of that is OPEC-related,” he said.
OPEC’s announced cuts of 4.2 million barrels a day came at three meetings starting in September.
Oil Movements forecasts OPEC exports based on spot and term chartering of crude oil from OPEC member countries, except Angola and Ecuador.