The International Energy Agency (IEA) said the OPEC+ oil cartel now controls just 51% of global oil production as demand falls and the United States increases production.
OPEC+ countries recently agreed to reduce oil production by one million barrels per day. Additionally, Saudi Arabia has extended its additional voluntary cut in oil production, also by one million barrels per day. This reduced the cartel’s market share to 51%.
Despite the cuts, oil prices remained at $75, while Brent crude, the international energy benchmark, was at $76 a barrel on Thursday evening. The price of WTI crude oil traded in the United States is $71.60 per barrel. In September the price of oil was almost $100 a barrel.
According to the IEA, demand for crude oil is falling in Europe and this will also have repercussions on the global oil market, the Financial Times reported.
Therefore, OPEC’s influence on the market may decline further next year as countries outside the cartel increase production. This could be enough to meet the expected growth in demand by 2024.
2023-12-14 15:03:00
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