OPEC crude output declines in June, share in global oil market expected to fall

OPEC crude output declines in June, share in global oil market expected to fall
# 11 July 2013 00:56 (UTC +04:00)

Baku-APA. Output by the OPEC oil exporters declined in June, and its share in global oil supply is expected to fall in the next two years due to the increasing non-OPEC oil supply in foreseeable years, the Vienna-based OPEC said in a monthly report on Wednesday, APA reports quoting Xinhua.

"Total OPEC crude oil production averaged 30.38 million b/d in June, representing a decline of 0.31 million b/d, compared with previous month," the Organization of the Petroleum Exporting Countries said in its report.

Statistics shows that the decline was led by the output reduction of Libya, whose output decreased by 206,000 barrels a day in June, accounting for nearly 70 per cent of the total output decline, while Saudi Arabia continues to increase its output in the past two months.

The non-OPEC supply is expected to be the most dynamic crude oil production growth in the year 2013 and 2014, forecast to average 53.92 million b/d in 2013 and 55.06 million b/d in 2014, according to the report.

The strong growth trend of the supply is led by the US crude production, the growth of which is supposed to be the highest among the non-OPEC countries in 2013 and 2014, and the output is forecast to average 11.33 million b/d in 2014 in the report.

Due to the non-OPEC crude supply growth and the weak world oil demand, the OPEC might see a lower share in the world oil market in the year 2013 and 2014, which is estimated to be 33.8 percent in 2013.

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