Oil shipments from the Organization of Petroleum Exporting Countries, excluding Angola and Ecuador, are expected to fall by 100,000 barrels a day in the four weeks ending Oct. 31, compared with the previous four-week period, U.K.-based tanker tracker Oil Movements said Thursday.
Exports from the 10 OPEC countries tracked by Oil Movements are forecast to drop to 22.58 million barrels a day from 22.68 million barrels a day in the four-week period ended Oct 3.
The drop is a reversal of previous weeks as buyers built up supplies for the winter season.
Oil Movements head Roy Mason said there was no growth in OPEC demand because any additional consumption was likely absorbed by non-OPEC output and the release of existing inventories. Russia - a non-OPEC member and the world's largest oil producer - has been recently ramping up output.