Crude oil exports from the Organization of Petroleum Exporting Countries, excluding Angola and Ecuador, are forecast to fall by 250,000 barrels a day in the four weeks to Jan. 17 compared with the previous four-week period, U.K.-based tanker tracker Oil Movements said.Shipments from 11 of the OPEC members are forecast to reach 23.75 million barrels a day, down from 24.00 million barrels a day in the one-month period to Dec. 20.
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.
(Dow Jones Newswires & Rigzone)
