VIENNA, Nov. 12 (UPI) -- The global supply of oil increased in October in part because of production from countries outside the Middle East, OPEC said in its monthly market report.
The Organization of Petroleum Exporting Countries published its monthly market report Tuesday.
"Preliminary figures indicate that global oil supply increased 480,000 barrels per day in October to average 90.37 million bpd," the report said. "Non-OPEC supply saw growth of 470,000 bpd while OPEC crude production was almost unchanged."
Trends in North America mean the U.S. and Canadian economies are relying less on foreign producers to meet their oil and natural gas needs. OPEC said in its report the share of its crude oil in global production declined to 33.1 percent in October.
OPEC said its members produced, on average, 29.89 million bpd in October, a slight increase from the previous month's report.
Libya's recent national security and labor strike issues weren't reflected in OPEC's monthly report. Libya is producing far less oil than it did at its 1.6 million bpd peak before civil war in 2011.
In terms of the global economy, OPEC said it expected to see a growth rate of 3.5 percent for 2014, up from the 2.9 percent for 2013.
"For 2014, the forecast for world oil demand growth remains unchanged at 1.04 million bpd," the report said.
