OPEC ministers will have to contend with a series of challenges when they meet in December as they contemplate the impact of soaring US-led non-OPEC oil production and an anticipated slump in demand for OPEC oil in 2014.
The most urgent issue for OPEC is how to manage production policy in the face of soaring oil production from North America, which is eroding OPEC’s market share. This led to negative growth in the call on OPEC’s crude in 2013 and demand is forecast to decline further next year. (CONTINUED - 1074 WORDS)
