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Commodities Briefing - Categorized | Market Moves, Oil more

Shale boom offsets fall in OPEC oil supply

Posted on 13 August 2013

Supply disruptions in OPEC countries like Libya and Iraq have pushed down the group’s contribution to global oil supply, estimates IEA. Global oil supply, aided significantly by non-OPEC countries, is estimated to have increased to 91.85 million barrels per day, said an International Energy Agency (IEA) report.
According to an oil market study, strong growth in North America’s oil production is expected to push up the total non-OPEC supply by an average of 1.4 million bpd year-on-year to reach 55.4 million bpd in the last quarter of 2013………………………………………..Full Article: Source


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