OPEC crude production rises in January
The Organization of Petroleum Exporting Countries (OPEC) pumped more crude in January compared to December 2013, according to its monthly market report released on Wednesday.
OPEC said its member states increased the oil output by 28,000 barrels a day to 29.71 million barrels a day in January, more than the market demand for OPEC, which is estimated at 29.6 million barrels a day.
Libya, one of OPEC's member states, doubled its crude production in January, rising to 510,000 barrels a day last month, compared to 240,000 barrels in December.
The Vienna-based organization also sees stronger global oil market demand in 2014, revising the 2014 world oil demand growth to 1.1 million barrels per day, 50,000 barrels more than the previous estimate.
