Saudi Gazette - Is OPEC nearing a historic crossroads?

Saudi Gazette - Is OPEC nearing a historic crossroads?:

"The world needs less oil from OPEC!

With non-OPEC crude production on the rise – expanding at the fastest rate in two decades – the call on OPEC crude is getting lower. “The 2014 outlook . . . should give oil bulls some cause for alarm. Non-OPEC supply growth looks on track to hit a 20-year record next year, surpassing the 1.3 million barrels per day high reached in 2002,” the Paris-based IEA underlined in its just released July Monthly Oil Report.

This growing, conventional and non-conventional, output outside the OPEC meant that the demand for OPEC crude will be about 1million bpd lower than the volumes it is currently pumping. As per IEA estimates, the need for OPEC crude would be just 28.85 million barrels a day in the first half of 2014, and about 29.4 million barrels a day for the whole year. Compared to the current OPEC production of 30.61 million bpd, this is almost 1.2 million bpd less. Simple mathematics indeed!"

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