OPEC can't act alone, minister says

Non-OPEC production to increase by 1.4 million bpd.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   June 11, 2014 at 10:01 AM
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VIENNA, June 11 (UPI) -- Maintaining stable global oil market conditions isn't something the Organization of Petroleum Exporting Countries can do alone, a top delegate said Wednesday.

OPEC members met Wednesday in Vienna for a regular conference. Acting Libyan Oil Minister Omar Ali El Shakmak, serving as conference chairman, told delegates market stability was the top focus of member states.

The acting minister said the cartel expects world oil demand to increase by 1.1 million barrels per day and keeping markets satiated required a global effort. Market stability, he said, benefits all market players.

"To achieve this, though, OPEC cannot stand alone," he said in his address. "It will need the support and contribution of many stakeholders, who must do their part."

The 12 OPEC members combine to produce about 40 percent of the world's crude oil and their exports represent about 60 percent of the international market.

An increase in oil production from North America means the U.S. and Canadian markets are relying less on foreign imports to meet their energy demands. Shakmak said oil supply from countries outside of OPEC is expected to increase 1.4 million bpd to 55.5 million bpd and most of that growth is expected from North American producers.

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