The Organisation of Petroleum Exporting Countries (OPEC) will cut crude shipments to the lowest level since September of 2013 as refineries trim imports before conducting maintenance in the spring, according to industry reports.
OPEC, which supplies roughly 40 percent of the world’s crude oil, will reduce sailings by 390,000 barrels a day, or 1.6 percent, to 23.71 million barrels in the four weeks to January 25, 2014.
That compares with 24.1 million in the period to December 28. The figures exclude two of OPEC’s 12 members, Angola and Ecuador.
Industry watchers believe the reductions were initiated by Saudi Arabia, OPEC's biggest member.
Exports from Iran declined to about 900,000 barrels a day in December from 1.03 million a day in November, the reports said. An agreement between Iran and world governments in November eased some restrictions on insuring cargoes of the nation’s crude, in return for a delay in its nuclear program.
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