"2024 Oil Market Outlook: OPEC's Role, Global Wildcards, and Price Predictions"
Originally Published 2 years ago — by OilPrice.com
Despite recent reports suggesting OPEC's diminishing influence on oil prices due to production cuts and a potential decrease in demand, the organization's impact is expected to remain significant in 2024. OPEC and its allies, including Russia, have reduced production, but the effects on the market may be delayed. Meanwhile, U.S. oil producers have increased output unexpectedly, though future productivity improvements are not guaranteed. OPEC still holds a substantial share of the global oil market and has spare capacity, indicating that reports of its irrelevance may be premature.