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OPEC Market Share Falling to 27% and Lowest Since Pandemic

OIL

The OPEC global market share is falling to the lowest since the Covid-19 pandemic with weakening demand in H1 2024 due to output cuts and Angola's exit from the group, according to Reuters.

  • The group could struggle to ease production cuts unless global oil demand increases, or OPEC accept lower oil prices.
  • Production from the remaining 12 members will fall below 27mbpd and less than 27% of the total global supply after Angola’s exit.
  • OPEC share was around 50% in the 1970s and 30%-40% in later decades but has gradually reduced due to increasing non-OPEC output from countries such as the US.
  • Some OPEC+ members including Russia suggest additional measures could be introduced if needed while forecasters suggest little room for an easing of the cuts in the Q2.
Energy BulletsCommodities
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