Oil markets fall after release of the OPEC monthly market report. UPI/John Angelillo The Organization of Petroleum Exporting Countries said in its November market report output from its members declined by 230,000 barrels per day as production from North America cuts into imports. The price for the 12 crude oil blends that make up the reference basket from OPEC members was $77.27 per barrel, down more than 10 percent from one month ago. Though OPEC output declines, the organization said non-OPEC producers add another 1.68 million barrels per day this year, with the United States, Canada, Brazil and China contributing to the gains. By next year, non-OPEC supply grows by another 1.24 million bpd. “Demand for OPEC crude is estimated at 29.5 million bpd in 2014,” the market report said. “In 2015, required OPEC crude is seen averaging 29.2 million bpd.” Brent, the global price benchmark, traded down more […]