Brent prices ended 2013 almost $1/bbl lower than they began the year, averaging 2.8% lower than in 2012 over the year as a whole.In contrast, annual average WTI prices were 4% higher in 2013 than in 2012, as new pipeline infrastructure in theUS allowed the glut of crude oil in Cushing to be reduced by 10 mnbbls over the year.
 

The CGES sees Brent prices continuing to fall in 2014, with another big increase in non-OPEC supply — led once again by the US and Canada. Rising production from several OPEC member-countries — chiefly Libya, Iraq, and possibly Iran — could add to the downward pressure. However, geopolitical concerns and Saudi Arabia’s supply management are likely to limit the drop.















Prices fall sharply
Prices on both sides of the Atlantic fell sharply last week, with Brent and WTI losing 3% and 4% respectively between Monday and Thursday on the news of the partial resumption of Libyan crude oil production.
Protestors at the country’s 350,000-bpd El Sharara oil field have called a 2-week hiatusto the stand-off with the government that has kept the field closed since late October.
Source: Global Oil Insight, CGES