The Organization of Petroleum Exporting Countries (OPEC) that accounts for nearly 40 per cent of global crude oil supplies is likely to keep its crude oil exports largely unchanged early into next month as a supply glut limits demand for its shipments.
Overseas oil shipments of the OPEC may stand at 23.8 million barrels per day in the four weeks to June 8, against 23.9 million barrels per day in the period to May 11, tanker tracker Oil Movements said. The data does not include OPEC's two members namely, Ecuador and Angola.
"Stock levels in the west are bound to be having an effect," Roy Mason, the company's founder said today by telephone from Halifax, England. "So much of the global stockpile build is showing up in the U.S", he added.
Oil shipments from the Middle East may fall by 0.6 per cent to 17.47 million barrels per day in the month to June 8 from 17.58 million barrels a day in the month to May 11, 2013.