OPEC Exports -290,000 B/D to June 25 Vs 4 Weeks Ago – Analyst

OPEC crude shipments are set to drop for the second consecutive week by 290,000 barrels a day in the four weeks to June 25, but aren’t expected to fall much further, a leading tanker tracker told Dow Jones Newswires Thursday.

Exports of oil from the Organization of Petroleum Exporting Countries fell to 24.14 million b/d in the four weeks to June 25, compared with the previous four- week period, said Roy Mason, head of consultancy Oil Movements.

“I wouldn’t expect shipments to go much lower than the level they’re at now,” Mason said. “It looks like this could be the floor,” he added.

The reduction in shipments shows weakening demand from buyers after a period of increased supplies from OPEC.
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