OPEC oil exports at 5-year low, analyst says

03/23/2009
Seaborne oil exports of the Organization of Petroleum Exporting Countries, excluding Angola and Ecuador, will fall to a 5-year low in the four weeks to Mar. 28, according to analyst Oil Movements.Exports from the group will average 22.76 million b/d, down 350,000 b/d from 23.11 million b/d, in the 4-week period to Feb. 28, Oil Movements said in its weekly estimate.“On the evidence available late last month, the rate of decline in OPEC sailings had looked set to accelerate,” Oil Movements said.It noted, however, that “provisional estimates for the rest of this month instead show ongoing steady decline, at a rate of 0.3-0.4 million b/d per month.”The analyst observed...

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