Soaring North American oil output boosts global supply
Total global oil production for the month was 91.8 million b/d in July, an increase of 785,000 b/d year-on-year
Global oil production increased by 575,000 barrels a day (b/d) in July, driven by higher output from non-Opec nations, the International Energy Agency (IEA) said. Non-Opec oil production reached 54.9m b/d in July, the IEA said, with 40% of the 570,000 b/d production growth coming from Canada and the US. North American oil production is expected to add 1.4m b/d to non-Opec supply in the second half of 2013, bringing total production to 55.4m b/d in the fourth quarter. Oil output in OECD Europe also increased in July, by almost 170,000 b/d. This was mainly because of a break in North Sea maintenance. However, European oil output is expected to fall sharply in August as maintenance work resu
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