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Commodities Briefing - Categorized | Market Moves, Oil more

Is OPEC nearing a historic crossroads?

Posted on 22 July 2013

With non-OPEC crude production on the rise - expanding at the fastest rate in two decades - the call on OPEC crude is getting lower. “The 2014 outlook . . . should give oil bulls some cause for alarm. Non-OPEC supply growth looks on track to hit a 20-year record next year, surpassing the 1.3 million barrels per day high reached in 2002,” the Paris-based IEA underlined in its just released July Monthly Oil Report.
This growing, conventional and non-conventional, output outside the OPEC meant that the demand for OPEC crude will be about 1million bpd lower than the volumes it is currently pumping………………………………………..Full Article: Source


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VRS - who has written 37037 posts on Opalesque Commodities Briefing.


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