| Turmoil in the Mena region has been awful for the people of the region. The same cannot be said for Opec, the oil group. The long list of crises - violence in Iraq, fear of sectarian spillover from the Syrian conflict, oil worker strikes in Libya and sanctions against Iran - has conspired to keep crude prices high.
The oil world is changing, and the group is losing out. Opec's latest Monthly Oil Market Report projects an increase in global demand in 2014 of more than 1 million barrels per day to 90.75 million bpd, but the supply needed from Opec is expected to fall by more than 260,000 bpd to 29.65 million. The group pumped 30.32 million bpd in August, a survey by Reuters shows...............................................Full Article: Source
|