OPEC Oil Targets Will Cut Excess Supply in 2014 (CNBC)
The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report today, wherein it announced it is trimming its crude oil output towards next year’s global requirements. OPEC is forecasting that global demand will increase in 2014 as the global economy heads towards recovery. While other non-OPEC countries, including the United States, are forecast to increase their shale oil output, the OPEC cutback makes it likely there will be no excess crude oil in 2014 and may lead to rising prices.
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