OPEC Sees Well-Supplied Oil Market, Lower Demand for Its Crude
This article is for subscribers only.
The Organization of Petroleum Exporting Countries said the global oil market is “well-supplied,” and trimmed demand estimates for its crude in 2014 as production outside the group increases.
OPEC will need to provide an average 29.6 million barrels a day next year, reducing its estimate “slightly” from last month, the group said today in its market report. OPEC’s 12 members pumped about 600,000 barrels a day more than this level in August. OPEC boosted forecasts for output from other producers amid supply growth in the U.S., Mexico and Norway.