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Global oil production gaining outside OPEC

Aug. 12, 2013 at 10:52 AM   |   Comments

PARIS, Aug. 12 (UPI) -- The United States continues to make gains in terms of overall crude oil production, the International Energy Agency said.

The International Energy Agency said U.S. oil production for May, the last full month for which data is available to the agency, was 297,928 barrels, a 13.2 percent increase from the same time last year.

Globally, the agency, which has headquarters in Paris, said oil supplies increased by 515,000 barrels in July, led in large part by countries outside the Organization of Petroleum Exporting Countries.

Strong production gains from North America are expected to increase oil supplies from non-OPEC members during the second half of 2013 by an average of 1.4 million bpd, the IEA said.

The U.S. Energy Department said U.S. crude oil production in July increased to 7.5 million barrels per day, the highest level in more than 20 years.

U.S. imports of foreign oil are declining because of the country's domestic oil production. The IEA said it expected global crude oil demand to decline modestly in 2014 because of an economic slowdown predicted by the International Monetary Fund.

The IEA monthly oil market report was published Friday.

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