OPEC Expects to Gain Oil-Market Share After Virus Wounds Rivals
- Group boosts forecast for oil it will need to supply to 2024
- Cartel gives clearest acknowledgment yet that demand will peak
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OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere.
The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting last year’s prediction that it would lose market share until the middle of the decade.