OPEC market share declines to lowest in many years
20:39
The Organization of Petroleum Exporting Countries (OPEC) share in the global oil market fell to the lowest level in many years due to the voluntary restriction of countries-members' extraction, as well as the political problems of Iran and Venezuela. 14 countries within OPEC had a total of 30 percent share in global oil supply in July. A decade earlier it was 34 percent, and at its peak in 2012, it reached 35 percent.
Despite the measures to cut extraction, the prices for a barrel of oil dropped to around $60 from the April peak of above $75. The reason is the fear of slowing global economy, US and China trade war, and Brexit.
