Seaborne Crude Exports

摘要

The OPEC group of producing nations met in Vienna on the 11th of September and as a result agreed to cut production by 0.52m bpd to the 2007 agreed levels within forty days of the meeting. The move represents shift in production to sustain prices which have been on a downward trajectory for several weeks and an increase in effective spare capacity to 1.8m bpd. The current production level for the Middle East still positively affects the crude exports forecast, of which 37% is expected to be long haul exports.