NEW YORK, Nov. 12 (UPI) -- U.S. and global crude oil price indices moved lower in Wednesday trading after OPEC raised its outlook for world oil production moving forward.
The Organization of Petroleum Exporting Countries said in its November market report output from its members declined by 230,000 barrels per day as production from North America cuts into imports.
The price for the 12 crude oil blends that make up the reference basket from OPEC members was $77.27 per barrel, down more than 10 percent from one month ago.
Though OPEC output declines, the organization said non-OPEC producers add another 1.68 million barrels per day this year, with the United States, Canada, Brazil and China contributing to the gains.
By next year, non-OPEC supply grows by another 1.24 million bpd.
"Demand for OPEC crude is estimated at 29.5 million bpd in 2014," the market report said. "In 2015, required OPEC crude is seen averaging 29.2 million bpd."
Brent, the global price benchmark, traded down more than 70 cents to $80.96 in early Wednesday trading.
Crude oil prices have shed more than 20 percent of their value since June. When announcing their third-quarter earnings, several energy companies focused on exploration and production have cut their investment forecasts because of declining oil markets.
West Texas Intermediate, the U.S. benchmark, was down 86 cents per barrel to trade near $77 for the December contract.
