The Organization of Petroleum Exporting Countries (OPEC) cut its oil production even more , and is pumping a smaller volume that world demand this year, said the group of exporting countries on Thursday (16), highlighting the problems that disruptions in Libya and other nations have on the production. The monthly report from OPEC also made estimates for growth in global oil demand this year virtually unchanged, and gave a cautiously optimistic tone on the prospects for the world economy.

The group's report predicts an average oil demand of the group in 2014 of 29.58 million barrels per day (bpd), also virtually equal to its last estimate. According to secondary sources cited by the report, OPEC reduced its own production to 29.44 million bpd in December, below the demand outlook for this year.

This suggests that there is no excess oil on the market in 2014 if OPEC maintains its december production rhythm.This scenario, however, is unlikely, since the productions in Iraq, Libya and Iran are expected to rebound in 2014.