Posted 12/29/2023, 3:30:00 PM
OPEC Faces Further Market Share Decline as Angola Leaves, U.S. and India Lead Supply and Demand Growth
- OPEC could face further loss of market share in 2024 after Angola's departure and rising non-OPEC output
- OPEC production to slip below 27 million barrels per day without Angola, less than 27% of total supply
- Angola output dropped from 1.88 million bpd in 2017 to 1.15 million bpd in November
- U.S. oil output hit record 13.1 million bpd this year due to efficiency gains by drillers
- India tipped to replace China as main driver of oil demand growth due to population growth