Shale Fight Makes OPEC Accept Lowest Market Share Since 1991 - Bloomberg

Shale Fight Makes OPEC Accept Lowest Market Share Since 1991 - Bloomberg:

For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel. The level has survived everything from wars and economic crises to terrorist attacks and diplomatic spats.

Yet, with OPEC set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991, according to Bloomberg News calculations.

The sliding market share of the Organization of Petroleum Exporting Countries, which meets in Vienna on Monday, highlights how the cartel keeps giving ground to rising U.S. shale production in pursuit of higher prices.