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US EIA: Lowers world oil demand forecast,non-OPEC supply outlk

Posted on 14 November 2013

The U.S. Energy Information Administration Wednesday reduced its forecast for world oil demand growth in this month’s Short-term Energy Outlook, while slightly lowering its outlook for supply from non-OPEC producers, in a month where U.S. output exceeded supply for the first in nearly two decades.
The agency also adjusted its prediction for prices of Brent and West Texas Intermediate crude this year, forecasting lower prices given the increase oil output from countries outside of OPEC. EIA said U.S. crude oil production increased to an average of 7.7 million barrels per day in October, the highest production for any October in 25 years, while oil imports were 7.6 million bpd………………………………………..Full Article: Source


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