| The global oil market will remain “fairly balanced” in 2014 as supply disruptions including delays at the Kashagan field in Kazakhstan prevent the build-up of a surplus, according to OPEC. The Organization of Petroleum Exporting Countries, responsible for 40 percent of the world’s oil supply, estimates it will need to provide an average of 29.8 million barrels a day this year, about 100,000 a day more than the group projected last month.
OPEC raised the estimate because of lower output from natural gas liquids, the group’s Vienna-based research department said in its monthly market report today...............................................Full Article: Source |