The share of Organization of Petroleum Exporting Countries (OPEC) crude oil in global supply continued to drop, accounting for 34 percent of the world's total in November, the Vienna-based cartel's said Tuesday.
According to the OPEC monthly report, non-OPEC oil supply experienced growth of 540,000 barrels per day (bpd) in November, while the OPEC crude production decreased by 210,000 bpd. The global oil supply rose by 330,000 bpd in November.
Due to the global economic uncertainty and the eurozone crisis, the OPEC Reference Basket declined to 106.86 U.S. dollars per barrel in November, signalling the weakness of upward momentum of the basket price.
The OPEC will hold its 162nd ministerial meeting in Vienna on Wednesday to study the current oil market situation. The organization is expected to sustain its output ceiling at the meeting.