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Opec expects demand for its crude to fall

Posted on 11 July 2013

Opec, the oil producers’ cartel, expects demand for its crude to hit a five-year low next year as the US shale boom continues to eat into its share of the global market. In its first outlook for 2014, the Vienna-based organisation forecast the strongest oil demand growth in four years on the back of improved prospects for global growth.
But its analysts said the increase in demand would be more than offset by higher output from non-Opec producers such as the US and Canada………………………………………..Full Article: Source


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