OPEC declines offset partially by North America

Jan. 16, 2014 at 8:19 AM
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VIENNA, Jan. 16 (UPI) -- OPEC said Thursday oil production from its member states was down 20,000 barrels per day last month, a level offset partially by North America.

The Organization of Petroleum Exporting Countries published its monthly market report Thursday, highlighting sector developments for December.

It said oil production from its 12 member states averaged 29.4 million barrels per day in December, a decline of 20,000 bpd from the previous monthly report. Crude oil output increased from member states Algeria, Iran, Nigeria and others, while production declined in other member states, including Iraq and Saudi Arabia.

For oil producers outside the cartel, OPEC said fourth quarter 2013 production increased 1.2 million bpd from the same period last year. Overall for 2013, OPEC said oil production gains were seen in North America, Brazil and both Sudans. Oil production from Norway, the United Kingdom and Mexico were among those experiencing declines, OPEC said.

In terms of demand, OPEC said it expected an increase of about 1 million barrels per day for 2014, unchanged from its forecast from the December market report.

World oil demand for 2013 averaged 89.86 million bpd, an increase of 94,000 bpd from the previous year, OPEC said.

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