"US Oil Production Surpasses OPEC, Crushing Market Share"
Originally Published 2 years ago — by Markets Insider
The International Energy Agency (IEA) reported that OPEC's market share of the oil market has dropped to its lowest level since 2016, standing at 51%. This decline is attributed to record-breaking oil production from the United States, Brazil, and Guyana. The IEA also noted a sharp slowdown in global oil demand amid economic turmoil. OPEC+ members have responded by announcing extensive production cuts to prevent an inventory build-up, while the US is expected to increase its oil supply by 1.4 million barrels per day. The IEA predicts a slowdown in crude demand and lowered its forecast for global oil demand growth in 2023.