The president of OPEC’s 164th conference in Vienna said Thursday the 12-member cartel expects North American oil production to increase. Kuwaiti Oil Minister Mustafa Jassim Mohammad al-Shamali delivered opening remarks to the meeting of the Organization of Petroleum Exporting Countries, serving as president of the conference in Vienna. Shamali said the cartel expected oil demand to increase because of the gradual recovery under way in the global economy. World oil demand is expected to increase by 1 million barrels per day as the global economy expands, he said. “Non-OPEC oil supply is also expected to rise in 2014 by 1.2 million bpd,” he said in his remarks Wednesday. “This will be mainly due to the anticipated growth in North America and Brazil.” OPEC, in its monthly market report for November, said the Americas are expected to lead in terms of oil production growth for […]