OPEC to keep its 40-percent market share in long-term
OPEC will maintain its market share of around 40 percent,
increasing output by 7 million barrels per day (bpd) to 44 million
bpd by 2035, according to BP Energy Outlook.
“OPEC is assumed to respond to the stronger growth in tight oil by
increasing its own production in order to maintain its market
share,” BP said in a report.
In its recent summit on December 4, the OPEC failed to put a new
ceiling to its output. The official quota for OPEC oil production
is set at 30 million barrels per day.
According to OPEC's monthly report, released on February 10,
cartel's 13 members produced 32.335 million bpd in January, about
130,700 bpd more than December 2015.
Crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia
and Iran, while production showed a decrease of from Angola,
Venezuela and Algeria, the report said.
Demand for OPEC crude in 2015 is estimated to average 29.8 million
bpd, representing an increase of 0.1 million bpd over the previous
year and lower by 0.1 million bpd compared to the previous
report.
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