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Global oil market to become more dependent on OPEC crude in long-term, IEA projects

Posted on 18 November 2016

OPEC’s diverse 14-country membership has responded to the oil price malaise of the past two years in contrasting ways, perhaps permanently altering the group’s dynamics as the world becomes more reliant on its crude in the long-term, according to the International Energy Agency.
OPEC’s share of global oil production, including condensate, will approach 50% by 2040, up from its current 42%, the IEA said Wednesday in its World Energy Outlook, as non-OPEC production will significantly drop off after 2020. But any benefits from OPEC’s increased market share will be spread unevenly, as its Middle East members figure to grow more influential, at the expense of its African and South American members……………………………………..Full Article: Source


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