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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC: Non-OPEC supply cutting into market share

Posted on 13 March 2013

OPEC members said Tuesday that demand for their oil in 2013 will be 100,000 barrels a day lower than previously forecast as growing output from non-member countries, particularly North American shale oil, eats into their market share.
The Organization of Petroleum Exporting Countries cut its forecast of demand for its oil this year in line with its revised expectation that non-members will produce an extra 100,000 barrels of oil a day, compared with last month’s forecast. Its outlook for overall global oil demand remained unchanged………………………………………..Full Article: Source


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