OPEC To Lose Market Share In 2014 As Rivals Pump More

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OPEC to lose market share in 2014 as rivals pump more
Wed, Jul 10 06:51 AM EDT
LONDON, July 10 (Reuters) - OPEC's share of the world market willshrink in 2014 as rising supply of U.S. shale oil gives the exporter group little comfort from the fastest growth in world demand in four years.
The Organization of the Petroleum Exporting Countries forecast in a monthly report that demand for its oil in 2014 would average29.61 million barrels per day (bpd), down 250,000 bpd from 2013, as an increase in supply outside the group outstrips an expansion in world demand.
The report points to a looming supply surplus next year should it keep pumping oil at present levels. The 12-member group has a target to produce 30 million bpd and in June, it produced 380,000bpd more than the target.
"This would imply a further build in global crude inventories, which currently stand at high levels," OPEC said in reference to the market outlook for next year. (Reporting by Alex Lawler; editing by Jason Neely).