OPEC’s share of the oil market may contract to 31 percent in 2024, from 37 percent in 2018, as US shale oil supplies increase
OPEC Secretary-General Mohammad Barkindo delivers his speech during the presentation of the World Oil Outlook in Vienna, Austria November 5, 2019. its outlook for the world’s oil market on Tuesday, with medium to long-term projections.
OPEC countries include Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, United Arab Emirates and Venezuela.: “The Outlook is not about making predictions. The WOO should be viewed as a helpful and insightful reference tool, one that underscores the Organization’s commitment to data transparency.”in December 2018 by 1.2 million barrels a day to keep the price of crude oil afloat, prices have fallen.
OPEC has been in a partnership with Russia and nine other non-OPEC countries for almost three years. Referred to as the, these countries are Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. OPEC Secretary General Barkindo noted in the foreword: “There is no doubt this historic cooperation between OPEC and non-OPEC producing nations will be vital in the years and decades ahead.''
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