Reuters Claims OPEC Facing Significant Market Share Loss

OPEC could potentially face further loss of market share in early 2024 following the recent departure of  Angola, weakening demand and rising output by non-OPEC producers, Reuters claims, based on its own calculations.  Reuters reports that OPEC’s production is set to slip below 27 million barrels per day (bpd) without Angola, good for less than 27% of the total global supply of 102 million bpd. The last time the cartel saw its market share fall to that level was at the height of the Covid-19 pandemic when global oil demand fell…