Opec sees its oil market share shrinking, lowers demand view

Lower supply: The Opec logo outside its headquarters in Vienna. Opec’s supply has been falling in the last few years under a pact with Russia and other non-members to support the market. — Reuters

VIENNA: The Organisation of the Petroleum Exporting Countries (Opec) will supply a diminishing amount of oil in the next five years as output of US shale and other rival sources expands, the exporter group said, despite a growing appetite for energy fed by global economic expansion.

Opec’s production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook published yesterday. That compares with 35 million bpd in 2019.Rising climate activism in the West and widening use of alternative fuels are putting the strength of long-term oil demand under more scrutiny. Opec cut its medium- and long-term oil demand forecasts in the report.