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OPEC seen to cut exports on lower demand
- Middle East: Saturday, January 05 - 2013 at 05:12
According to tanker tracker Oil Movements, Opec is to cut crude shipments this month by 1%, as demand tapers off after peaking for the northern hemisphere winter, Bloomberg has reported. The group will export 24.02 million barrels a day in the four weeks to January 19, down 250,000 barrels from the previous period, the firm said. "The mid-winter trough is the end of the season for long- haul crude coming into the Atlantic basin," Roy Mason, the company's founder Mason said. The reduction may also signal that Saudi Arabia is trimming production to balance global supply and demand, he said.
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