Posted 12/15/2023, 3:50:00 PM
OPEC+ Market Share Declines as Brazil, Guyana Pump Oil at Record Levels
- OPEC+ has seen its oil market share fall to 51% this year, losing ground to US and other producers
- Brazil's oil output jumped 400,000 barrels per day to 3.6 million this year, hitting record highs
- Guyana produced 385,000 barrels per day on average in 2023, up 100,000 from last year
- Guyana on track to produce 600,000 barrels per day in December as new projects come online
- Higher output from Brazil and Guyana presents a challenge for OPEC+ production cuts aimed at supporting prices