Economics
IEA Sees OPEC Market-Share Growth in 2020 as Rivals Stagnate
- Spending cuts will eventually halt non-OPEC oil output growth
- OPEC to account for 44% of global supply by 2025, agency says
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OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates following spending cuts, according to the International Energy Agency.
The Organization of Petroleum Exporting Countries’ share of global supply will remain steady at 41 percent until 2020 then rise to 44 percent by 2025, two percentage points higher than the IEA forecast a year ago. Production growth from countries not part of the group will slow over the next five years and halt by 2020.