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IEA sees less need for OPEC crude in 2014 as US supply booms

Posted on 13 September 2013

The International Energy Agency cut estimates for the amount of crude OPEC will need to provide next year as supplies from North America surge. Demand for crude from the Organization of Petroleum Exporting Countries will be 29.2 million barrels a day or 1.3 million a day lower than the group’s current production levels, the IEA said on Thursday in its monthly market report.
The impact of supply losses in Libya and threats to exports from the crisis in Syria will be softened as fading seasonal demand allows oil inventories to replenish, the Paris-based adviser to energy consuming nations said………………………………………..Full Article: Source


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