The Organization of Petroleum Exporting Countries (OPEC) predicted on Wednesday a decline in oil demands over the next year totaling 29.2 million barrels a day - a decrease of about one million barrels a day from the current production level.
According to OPEC's monthly bulletin, Saudi Arabia, the largest producer and exporter of oil in the world told OPEC that its production rates had declined to 9.69 million barrels a day in October, when compared with 9.704 million barrels per day in September.
OPEC's monthly report is the last before OPEC oil ministers' meeting scheduled to be held in Vienna on November 27th, which is expected to discuss the issue of continued decline in global crude prices, including the possibility of whether it will consider reducing production for the first time since the financial crisis in 2008, in response to the decline.
World oil prices have fallen about 30 percent since June, among other contributors, was the US shale oil production which mounting in the growing supply in of global markets.
Meanwhile, a spokesman for OMV group (an integrated international oil and gas company) told the Austrian Press Agency that the group is closely monitoring the developments and security situation in Libya, especially since production was halted in the largest oil field in Libya since last Thursday.
Reports of opposition forces taking control of the refinery from the government.