Posted 12/14/2023, 2:51:00 PM
OPEC Losing Market Share to US Oil Boom As Economic Woes Slow Demand Growth
- OPEC's market share has dropped to 51%, lowest since 2016, due to high output from US, Guyana, and Brazil
- Record US crude production in 2023, up 1.4 million barrels per day, driven by shale patch efficiencies
- Global oil demand growth has slowed sharply amid economic turmoil
- OPEC+ cutting output by 400,000 barrels per day to steady falling crude prices
- IEA lowered 2023 global oil demand growth forecast by 90,000 barrels per day to 2.3 million barrels per day