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OPEC supply drops as rivals pump more
August 9, 2013 / 10:38 AM / in 4 years

OPEC supply drops as rivals pump more

LONDON (Reuters) - OPEC’s oil output is sinking due to unrest in Libya and Iraq as rapid gains from producers outside the cartel fill the gap in supply, the oil producer group said on Friday.

A general view of the OPEC building and logo in Vienna May 29, 2013. REUTERS/Leonhard Foeger

The Organization of the Petroleum Exporting Countries said in its monthly report that the group’s output in July, based on secondary sources, had fallen by 100,000 barrels per day (bpd) to 30.31 million bpd. At the same time, non-OPEC producers pumped 170,000 bpd more, it said.

Demand for OPEC’s oil next year is expected to fall by 265,000 bpd to 29.65 million bpd, according to the report, while supply from outside OPEC is forecast to reach more than 55 million bpd.

Non-OPEC oil output is seen growing by 1.15 million bpd in 2014.

Total world oil demand is expected to reach 90.75 million bpd in 2014, up 1.04 million bpd year on year.

Reporting by Peg Mackey; Editing by Christopher Johnson and Dale Hudson

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