Brent, used to price more than half the world’s oil, will probably exceed $100 a barrel for a fourth year in 2014 after OPEC bet that demand won’t weaken enough to warrant production cuts. The 12-nation group, accounting for 40 percent of global supply, kept its 30 million barrel-a-day output target in Vienna yesterday. Brent will average $105 in 2014, according to the median of 31 analyst estimates compiled by Bloomberg. Six analysts contacted yesterday and Dec. 3 said they wouldn’t adjust their forecasts if the OPEC quota was unchanged. Some members of the Organization of Petroleum Exporting Countries, notably Saudi Arabia, will probably need to reduce output later in 2014 to prevent a glut, analysts at BNP Paribas SA and Citigroup Inc. said. The U.S. is producing the most oil in a quarter century and Iraq, Libya and Iran have said they plan to increase exports in the […]