OPEC to Reduce March Shipments by 1.9%, Oil Movements Says

(Bloomberg) — OPEC will reduce crude-oil shipments by 1.9 percent in the month ending March 21 as producers use record cuts to stem falling prices, according to tanker-tracker Oil Movements.

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


The group is still as much as 30 percent short of full compliance with announced reductions totaling 4.2 million barrels a day since September, according to the consultant. Members including Algeria, Venezuela and Qatar have said further reductions may be needed when the organization meets March 15.