IEA sees non-OPEC oil supply growing

Dec. 11, 2013 at 8:53 AM
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PARIS, Dec. 11 (UPI) -- The International Energy Agency said Wednesday from Paris it expected crude oil demand to increase at the same time production from non-OPEC members rises.

The IEA published its oil market report for December. It raised its estimate of global crude oil demand for 2013 because economies in the 34-member Organization for Economic Cooperation and Development performed well during the third quarter of the year.

OECD members include the United States and Canada, two countries leading in terms of oil production from states outside the Organization of Petroleum Exporting Countries.

OPEC, in its monthly market report for December, said it expected OECD economies to grow 1.9 percent next year, compared to the 1.2 percent growth rate for 2013. World economic growth is expected to increase from 2.9 percent in 2013 to 3.5 percent next year.

Economic growth typically translates to a higher demand for petroleum products.

The IEA said global oil supplies from non-OPEC member states topped 43 million barrels per day in November for the first time in decades. OPEC's crude oil supply last month declined 160,000 barrels per day to 29.73 million barrels per day. That's the fourth straight month of declines from OPEC, the IEA said.

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