OPEC's market share sinks - and no sign of wavering on supply cuts
25 Août, 2019, 03:39 | Auteur: Auguste Feret
The latest Organization of the Petroleum Exporting Countries (OPEC) data relevant to the oil markets showed that the cartel's share of the global oil market has dropped to 30% in July, down from a peak of 35% seen in 2012. This was due to supply cuts and involuntary decreases in Iran and Venezuela, and there are few signs that producers are doubting their strategy to reduce production. The group of producers tried to defend its market share under the previous Saudi Oil Minister, Ali al Naimi, who drastically increased pumping in a sort of production war in 2014.
Naimi was hoping to win the battle, arguing that OPEC's output was the world's cheapest and would allow the group to outdo other producers such as the United States.
The decline in prices, should it persist, and erosion of market share could raise the question of whether continued supply restraint is serving producers' best interests.
They decided curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. The alliance, known as OPEC+, renewed the pact in July until March 2020. As a result of his strategy, OPEC's market share increased, while oil prices fell to less than $30 per barrel, leading to bankruptcies of USA oil companies.
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