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OPEC's market share in the international oil market declines


OPEC's market share in the international oil market is declining, because OPEC is deliberately limiting its own production capacity in order to maintain high oil prices. According to the BP World Energy Statistical Yearbook released on June 11, OPEC's share of global oil production fell to 41.5% last year, the lowest since 2003. At the same time, the OPEC monthly report will reduce the demand for OPEC crude oil in 2019 to 30.52 million barrels per day, with a previous value of 30.58 million barrels per day.

Energy analyst John Kemp believes that OPEC's market share will definitely decline further this year due to OPEC production cuts and US sanctions against Iran and Venezuela, which will hit the lowest level since 2002. If it falls further, it will be the lowest since the 1990s.

OPEC member countries actively expanded their market share between 2002 and 2008, but since then OPEC's market share has shown a downward trend, and there is no sign of a reversal trend.