According to the Organization of Petroleum Exporting Countries (OPEC), the global oil market remains well-supplied as output from Non-OPEC nations such as North America continues to rise. The OPEC, which accounts for nearly 40 per cent of global crude oil supply, cut the demand estimates for its crude next year.
The agency needs to supply an average 29.6 million barrels per day of crude oil in 2014, the OPEC said. "The market at present remains well-supplied. Crude stocks should gradually begin to build as refiners head into maintenance at the end of the third quarter", the OPEC said. Global oil demand is tipped to rise by 1 million barrels a day, or 1.2 per cent, to 90.77 million barrels a day in 2014, OPEC said.