| On 11 June, OPEC reaffirmed the group’s crude oil production target of 30 million bpd which has been in place since December 2011. The target is slightly above the 29.8 million bpd call on OPEC crude oil and global stocks during the year so far. For 2014 in total, the average call on OPEC and global stocks is expected to be 0.3 million bpd lower than 2013 levels with an additional 0.2 million bpd decline during 2015 to hit an average of 29.6 million bpd.
Growing non-OPEC supply, particularly from contributing tight oil production growth in the US, drives the expected easing of global oil market conditions and contributes to the forecast of moderate crude oil price declines, the North Sea Brent crude oil process averaging US$ 108 /bbl in 2014 and US$ 102 /bbl in 2015, down from an average of US$ 109 /bbl last year...............................................Full Article: Source
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