OPEC Sees Its Market Share Shrinking for Years as Shale Triumphs - Bloomberg:
OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies.
The producer group expects that demand for its oil will slide by about 7% over the next four years, slumping to an average of 32.7 million barrels a day in 2023, according to its annual report.
That could compel the Organization of Petroleum Exporting Countries and its partners -- who have already curbed output this year to prevent a glut -- to reduce supplies even further, or at least compete more fiercely among themselves for a diminishing portion of global markets.
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