OPEC production falls and Competitors reinforce supplies

OPEC said on Friday that falling oil production because of the unrest in Libya and Iraq, while plugging the growing production from non-member states of the SCO shortage in supplies.

The Organization of the Petroleum Exporting Countries (OPEC) in its monthly report that production in July fell 100 thousand barrels per day to 30.31 million barrels a day, according to secondary sources.

She said that the non-member producers in OPEC boosted production by 170 thousand barrels per day.

The report said the expected drop in demand for OPEC crude next year by 265 thousand barrels per day to 29.65 million barrels per day, while expected to increase non-OPEC supply to 55 million barrels per day.

OPEC expects oil production to grow from non-member states of the SCO 1.15 million barrels per day in 2014.

The report said that is expected to reach total global demand for oil 90.75 million barrels per day in 2014, an increase of 1.04 million barrels per day on an annual basis.