Crude oil exports by the Organization of Petroleum Exporting Countries, excluding Angola and Ecuador, are forecast to fall by 190,000 barrels a day in the four weeks to May 16, tanker tracker Oil Movements said Thursday, as the pace of OPEC cuts appears to stabilize.
Shipments from the 10 OPEC members tracked by the U.K.-based consultancy are forecast at 22.10 million barrels a day in the one-month period to May 16, compared with 22.29 million barrels a day in the four weeks to April 18.
Middle East sailings are expected to fall by 140,000 barrels a day in the four weeks to May 16, to 16.01 million barrels a day.
OPEC has made it a priority to stick to the 4.2 million barrels a day of cuts decided last year. It is due to decide on its production level again May 28.
Oil Movements forecasts OPEC exports based on spot and term chartering of crude from OPEC member countries, except Angola and Ecuador.