OPEC Sees Its Market Share Shrinking for Years as Shale Triumphs

Group slashes 2023 estimate for its own oil output by 15%
Demand for OPEC’s oil will decline each year until 2024

OPEC has just published its annual World Oil Outlook. Bloomberg’s Annmarie Hordern reports.(Source: Bloomberg)

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By Grant Smith

November 5, 2019 at 8:30 AM UTC

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OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies.

The producer group expects that demand for its oil will slide by about 7% over the next four years, slumping to an average of 32.7 million barrels a day in 2023, according to its annual report.