The IEA said Thursday OPEC's share of the oil market has dropped to 51%, it's lowest since 2016.
Huge volumes of US oil production, as well as output from Brazil and Guyana, have eaten away at the Organization for Petroleum Exporting Countries and its allies' command of global crude flows, with the energy cartel's market share dropping to its lowest mark in nearly a decade, according to the International Energy Agency.
In its oil report covering data up to December 2023, the IEA said OPEC+'s market share had fallen to 51% in 2023.
"Record-breaking supply from the United States, Brazil and Guyana, and sharply higher Iranian oil production, along with easing demand, prompted some OPEC+ members to announce more extensive 100 2 1Q24 cuts to fend off a potential inventory build," the IEA said.
"Hefty supply cuts, largely shouldered by Saudi Arabia, have been tempered by Iranian production at five-year highs," the IEA said.
"While non-OPEC+ supply growth is set to lose momentum in 2024, forecast gains of 1.2 mb/d may yet exceed the increase in global oil demand."
The IEA lowered its forecast on global oil demand growth for 2023 by 90,000 barrels a day from last month's prediction, to 2.3 million barrels a day.
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