OPEC Exports -290,000 B/D to June 18 Vs 4Wks Ago – Analyst

OPEC crude shipments are set to drop by 290,000 barrels a day according to spot and term oil tanker charters, a leading tanker tracker said Thursday.

Exports of oil from the Organization of Petroleum Exporting Countries will hit 24.26 million b/d for the four weeks to June 18, compared with four weeks earlier, Roy Mason, head of consultancy Oil Movements said.

The pull back reflects decreasing demand from buyers and the end of a wave of crude as OPEC producers ramped up production earlier in the year to stave off rising prices.

Long haul tanker arrivals to the U.S. are also off and should be reflected in a draw in crude inventories, Mason said.
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