20:39 22 August 2019
OPEC market share declines to lowest in many years
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.
