OPEC Plans to Lower Exports as Global Demand Weakens

Bloomberg reported that the Organization of Petroleum Exporting Countries (OPEC) will lower this month’s crude shipments by about 0.9% due to a weak global economy, according to Oil Movements.

As quoted in the market news:

It’s now demand-side risk that’s at last driving the market,” said Roy Mason, the company’s founder said by phone from Halifax, England. “We haven’t been in this situation for a few years. OPEC hasn’t had to cope with anything but scarcity for about five years. It’s a different world.

Click here to read the full Bloomberg report.