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Dramatic change in global oil prospects

Posted on 22 July 2013

The world needs less oil from Opec! With non-Opec crude production on the rise - expanding at the fastest rate in two decades - the call on Opec crude is getting less and less. “Non-Opec supply growth looks on track to hit a 20-year record next year, surpassing the 1.3m 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 1 million bpd lower than the volumes it is currently pumping………………………………………..Full Article: Source


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