The share of OPEC in the global oil market fell to a historic low


The volume of oil production in the United States is growing at a rate exceeding the increase in global demand. The US Department of Energy indicates in the forecast further growth in production volumes, due to which OPEC will lose market share. Producers increased production by 1.8 million barrels per day over the last year, while oil demand grew by only 1.7 million barrels over the same period. This year, the daily production will increase by another 1.54 million barrels, and in 2020, according to the Ministry of Energy, the United States will become the first country to produce more than 13 million barrels per day. To survive in the market, OPEC will have to reduce oil production to the 2015 figure and keep it at the level of 30.8-31 million barrels per day. At the beginning of 2018, the OPEC share in the oil market reached one third - 32.6%, while at the beginning of 2019 this percentage dropped to 30.6%. According to analysts, at the end of 2020, the share of OPEC in the market will fall to 29.7%.

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