OPEC to Cut Crude Shipments by 1%, Oil Movements Says

(Bloomberg) — OPEC will cut daily shipments of crude oil by 1 percent in the four weeks to Jan. 17 as the group enacts supply reductions announced in the past four months, according to industry consultant Oil Movements.

The Organization of Petroleum Exporting Countries, producer of more than 40 percent of the world


OPEC last month announced a record supply cut of 14 percent after curbs agreed on in September and October failed to stop prices falling among a worldwide decrease in demand. The group has implemented about half of the cuts it pledged in September and October, according to Oil Movements.