OPEC Will Cut Shipments in Month to April 4, Oil Movements Says

(Bloomberg) — OPEC will cut crude oil shipments 3.3 percent in the four weeks ending April 4 as producers seek to adhere to quotas, according to tanker-tracker Oil Movements.

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


The group agreed to hold targets steady at a meeting in Vienna on March 15, pledging to tighten compliance with record cutbacks agreed on last year. Members are complying with about 80 percent of the 4.2 million barrels a day reductions announced since September, OPEC said in a report last week.

Shipments from the Middle East will fall 3.3 percent to 15.92 million barrels a day in the four weeks ending April 4, the report said. A total of 451.96 million barrels of crude will be on board tankers, 1.6 percent higher than the month before, when 444.83 million barrels were on route.

Bloomberg