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OPEC getting squeezed by North America

Posted on 18 July 2013

Members of the Organization of Petroleum Exporting Countries are mulling production levels in light of North American oil gains, an analyst said. OPEC in its monthly market report for July said it expected demand for crude oil from its members for 2014 would be at 29.6 million barrels per day, 2.6 percent less than existing production levels.
The cartel said it expected oil production from non-member states to increase by 1.1 million bpd next year, with the bulk of that coming from the United States and Canada………………………………………..Full Article: Source


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