- OPEC is finally making the move that could help complete a mission that it's failed so far: shipping less oil to the U.S., according to Sanford C. Bernstein.Exports from the Organization of Petroleum Exporting Countries to America have declined by close to 1 million barrels a day since a peak at the end of March, Bernstein analysts including Neil Beveridge wrote in a May 25 report.
- Brent in London slid 2.2 percent to $52.80, still more than 50 percent below its 2014 peak.If OPEC is to reduce U.S. crude inventories back to normalized levels by the end of the year, stockpiles need to fall consistently by 5 million barrels per week for the next 30 weeks, Bernstein estimates.
- “This means a reduction in supply to the U.S. of close to 1 million barrels a day,” it said in the report.While OPEC exports to the U.S. have fallen by almost that volume since the end of March, according to Bernstein, America has been shipping more to the world, including Asia.
New service from OilVoice
is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it