OPEC Oil Production Down in June

OPEC oil exporting production declined in June, and its share in global oil supply is expected to fall in the next two years due to rising non-OPEC oil supply in the next few years.
“Total OPEC crude oil production an average of 30.38 million barrels per day in June, a decline of 0.31 million barrels per day compared to the previous month,” Organization of Petroleum Exporting Countries is headquartered in Vienna said in its monthly report on Wednesday.
Statistics show that the decline was driven by a reduction in Libyan production, which production fell 206,000 barrels per day in June, contributing nearly 70 percent of the decline in total production, while Saudi Arabia continues to increase its production in the last two months.
Non-OPEC supply growth is expected to be the most dynamic of crude oil production in 2013 and 2014, is projected to average 53.92 million barrels per day in 2013 and 55.06 million barrels per day in 2014, according to the report.
Strong growth trend from supply-led by U.S. crude oil production, growth should be the highest among the non-OPEC countries in 2013 and 2014, and production is expected to average 11.33 million barrels per day in 2014 in a report .
Due to growth in the supply of non-OPEC crude oil and weak world oil demand, OPEC will likely see lower market share in the world oil market in 2013 and 2014, which is estimated to be 33.8 percent in 2013.