February 24, 2024
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OIL & GAS RENEWABLE ENERGY

OPEC to Produce Below 27million barrels Daily in 2024

Organization of Petroleum Exporting Countries, OPEC’s daily production will slip to fall below 27million barrels a day in 2024, following Angola’s exit from the group. This production gap is less than 27 per cent of the total global supply of 102 million bpd.

Opec last saw its production level drop to this level during the COVID-19 pandemic, a time global oil demand fell by nearly 20 per cent, according to Opera news.

Earlier this month, Angola announced its exit from the group, saying it doesn’t serve the interest of its country.

Angola’s crude output clocked in at 1.15 million barrels per day in November, a sharp decline from 1.88 million barrels per day in 2017, one year after it joined OPEC thanks in large part to under-investments in its aging, deep-water oil fields.

The OPEC has managed to maintain a market share in the 30-40 per cent range, according to Reuters.

The organization believes that the loss might be temporary, as it predicts that its global market share will come in at 40 per cent in 2045 largely due to non-OPEC output declining from the early 2030s.

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