Global oil supply to outpace demand in 2014

Global oil supply to outpace demand in 2014
# 13 July 2013 09:25 (UTC +04:00)

Production outside OPEC will expand by 1.3 million barrels a day to 55.9 million a day in 2014, with almost 1 million barrels of the increase coming from North America, according to the report. Growth in Brazil, Kazakhstan and South Sudan will also help offset declines in other non-OPEC regions.

Moreover, dependence on OPEC is dwindling as new drilling techniques enable the U.S. and Canada to unlock reserves from rock formations deep underground.

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THE OPERATION IS BEING PERFORMED