OPEC majors showing lower exports

May 20, 2013 at 6:03 AM
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RIYADH, Saudi Arabia, May 20 (UPI) -- Several of the largest oil producers in the OPEC cartel exported less crude oil in March than they did the previous month, figures indicate.

The Joint Organizations Data said Saudi Arabia in March exported around 7.4 million barrels of oil per day, down about 30,000 bpd from the previous month, Bloomberg News reports.

The Saudi Press Agency last week reported that demand for crude oil was lower because of poor economic figures from Europe, where Germany posted economic growth of 0.1 percent.

The Organization of Petroleum Exporting Countries said in its monthly report for May that the prospect for a second quarter recovery in the eurozone "remains to be seen."

OPEC said demand for crude oil from its members would average around 29.9 million bpd for 2013, a decline from last year's estimate.

Kuwait posted a 6 percent decline in exports to 1.85 million bpd for March while Venezuela exported 1.55 million bpd in March, its lowest level for the year.

JODI is overseen by the International Energy Forum, which has headquarters in Saudi Arabia.

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