OPEC trims 2014 oil demand growth view, pumps more crude

August 08, 2014 - 2:28:30 pm

LONDON: OPEC trimmed its 2014 global oil demand growth forecast for a second consecutive month and said the group managed to increase output in July despite violence in Iraq and Libya, pointing to more comfortable global supplies.

In a monthly report on Friday, the Organization of the Petroleum Exporting Countries trimmed its projection for growth in global oil demand this year to 1.10 million barrels per day (bpd), down 30,000 bpd. This is the second consecutive time it has cut the forecast.

OPEC also trimmed forecast global demand for its crude oil in 2014 to 29.61 million bpd, down 70,000 bpd from the previous estimate, citing the lower demand forecast and a higher expectation of non-OPEC supply.

The report also showed OPEC's crude output in July rose. According to secondary sources cited by the report, output increased by 170,000 bpd to 29.91 million bpd, led by higher supply in Libya and Saudi Arabia. (Reuters)