| OPEC productionwill drop by half million barrels daily, demand will increase to 800,000. USA will be largest oil, gas producing country in 2015, Saudi will continue to dominate market. A report issued by KFH-Research expected the average price for west Texas crude oil to reach USD 88 per barrel, while Brent average price will reach USD 100 per barrel in 2013, due to growing demand from transportation sectors in developing countries.
The report expected the global demand to continue to rise, even slightly by 0.8 million barrels per day. The report noted that most of the increase in demand will come from China by 3.6% on yearly basis, Middle East 2.3%, and Latin America 2.3%. 2012 shows that the demand for oil will remain strong; especially in emerging markets like China, India, Russia, Brazil, and South Africa. the supply coming from OPEC countries will drop by 500,000 barrels per day in 2013, after increasing by 1.2 million barrels per day in 2012. (Press Release)
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