| GlobalData has said that global oil demand in 2014 is forecast to increase by approximately 1.2 million bpd compared to levels last year, while non-OPEC members’ production will grow by approximately 1.6 million bpd which will reduce the call for OPEC production. GlobalData’s research has also said that a significant increase in non-OPEC production is forecast to occur, particularly in North America, where crude oil and condensate production will increase by approximately 1.3 million bpd.
Carmine Rositano, Managing Analyst, Downstream Oil & Gas, GlobalData, said, ‘crude oil production increases are also expected in South America, the Former Soviet Union and from the greater use of biofuels. This will more than offset slightly lower production anticipated in the North Sea and Mexico...............................................Full Article: Source
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