Wednesday, July 10, 2013

World to use less OPEC oil as U.S., Canada lead oil supply growth

The world will consume less oil from the Organization of the Petroleum Exporting Countries next year, even as the cartel increased its 2014 oil demand growth forecast to its highest since 2010.
Demand for OPEC crude next year is expected to decline by 300,000 barrels a day to an average of 29.6 million barrels a day, OPEC said Wednesday in its monthly report. The report is the first this year to make predictions for 2014.
This year’s demand for OPEC oil was forecast as 29.9 million barrels a day, almost unchanged from the previous report, and a decline of 400,000 from 2012.
Supplies from non-OPEC nations are expected to grow by 1.1 million barrels a day in 2014, with the U.S. and Canada leading that growth, followed by Latin America and countries in the former Soviet Union.
The U.S. Department of Energy has said it expects domestic production growth of about 1 million barrels a day, or 17% higher year-on-year, and an average monthly production of 7.4 million barrels a day.
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