Huge volumes of US oil production, as well as output from Brazil and Guyana, have eaten away at the Organization for Petroleum Exporting Countries and its allies’ command of global crude flows, with the energy cartel’s market share dropping to its lowest mark in nearly a decade, according to the International Energy Agency.
In its oil report covering data up to December 2023, the IEA said OPEC+’s market share had fallen to 51% in 2023.
It hasn’t been that low since the group expanded to include additional allies in 2016, the Paris-based firm said.
“Record-breaking supply from the United States, Brazil and Guyana, and sharply higher Iranian oil production, along with easing demand, prompted some OPEC+ members to announce more extensive 100 2 1Q24 cuts to fend off a potential inventory build,” the IEA said.
Source: Markets Insider
