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U.S., Canada most active non-OPEC members

Oct. 10, 2013 at 8:31 AM   |   Comments

VIENNA, Oct. 10 (UPI) -- Oil production from the United States and Canada is expected to contribute to the highest growth rate outside of OPEC, the cartel said.

The Organization of Petroleum Exporting Countries released its October monthly market report Thursday. It said world oil demand for 2013 should average 89.7 million barrels per day, unchanged from last month's report but 800,000 bpd higher than last year.

In terms of the global economy, it said it expected a growth rate of 3.5 percent for next year. OPEC said "ongoing developments regarding the budget stand-off in the United States require close monitoring."

OPEC said it saw significant growth in the amount of oil produced by non-member states, including the United States. Last month, OPEC members produced on average 30.05 million bpd, a small drop from the previous estimate for August.

"Strong supply growth is now expected from the United States and Canada, while Mexico's supply is seen to decline slightly in 2013 compared with the previous year," OPEC said.

The Energy Information Administration, the analytical arm of the U.S. Energy Department, said in a report Tuesday it expected non-OPEC supply from North America would increase 1.1 million bpd next year "resulting from continued production growth in U.S. onshore tight oil formations and from Canadian oil sands."

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