OPEC expecting to see greater market share in 2015
According to OPEC, increased demand for the group’s oil will be driven primarily by expectations of slower supply growth from non-OPEC countries. The group predicts that non-OPEC oil supply will grow at a pace around 420,000 barrels/day slower than its previous forecasts, led by an expectation that US supply growth will decelerate by 130,000 barrels/day (bpd).
The group cited weakening US shale gas production after the closure of some active rigs in North America, a decrease in the US drilling permits and suspension of some shale gas projects by several oil majors following a slump in crude oil prices as the main reasons behind their downwardly revised forecast for non-OPEC production growth. Total US oil supply is expected to grow by 820,000 bpd to 13.64 million bpd, with 2015 showing a growth rate around half as fast as 2014’s gain.
In line with OPEC’s most recent forecast, global oil demand will grow by 1.17 million bpd in 2015 to reach 92.32 million bpd.
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