IEA sees steady decline in OPEC output

Nov. 14, 2013 at 8:15 AM   |   Comments

PARIS, Nov. 14 (UPI) -- The International Energy Agency said in its monthly market report, released Thursday, oil production from OPEC declined in October for the third straight month.

The IEA, which has headquarters in Paris, said cuts from Saudi Arabia helped push oil production down from members of the Organization of Petroleum Exporting Countries for the third month in a row last month.

OPEC, in its monthly report, said its members produced, on average, 29.89 million barrels of oil per day in October. The IEA said OPEC ministers are expected to keep their production benchmark of 30 million bpd in place when they meet in Vienna next month.

The IEA said oil-producing countries outside the 12-member OPEC cartel recorded a "record-high" output, which lifted global oil supplies by 600,000 bpd in October to 91.8 million bpd.

In its World Outlook Report for 2013, published earlier this week, the IEA said OPEC's influence on the international market should decline in the short term because of rising oil production from North America and Brazil.

Nevertheless, the Middle East, which the IEA said was the "only" major source of cheap oil, resumes its position as a world leader for oil by the mid-2020s, the report said.

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