Market Commentary and Intraday News
OPEC: Non-OPEC oil could meet most extra demand
314 days ago
(AP:VIENNA) An OPEC report shows that increased output of oil from countries outside the 11-member organization is almost enough to meet increased world demand this year and next.
The report says anticipated world demand for oil this year will increase by 900,000 barrels a day this year and an additional 800,000 barrels a year in 2013.
The report released Wednesday said that compares with a forecast daily increase of 700,000 barrels from non-OPEC countries for this year and 900,000 barrels in 2013.
The report said the U.S., Canada, Brazil, Kazakhstan and Colombia are expected to account for most of the increased supply, while Norway, Mexico and Britain will see declines.
It said demand for OPEC crude was expected to fall by a daily 300,000 barrels to 29.6 million barrels next year.
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