Economics
Shale Fight Makes OPEC Accept Lowest Market Share Since 1991
- Cartel plans to extend output cuts for rest of 2019 at least
- Saudi Arabia and Russia clash about what’s the best oil price
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For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel. The level has survived everything from wars and economic crises to terrorist attacks and diplomatic spats.
Yet, with OPEC set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991, according to Bloomberg News calculations.