OPEC Forecasts Demand to Fall 7% by 2023
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OPEC is facing challenges as its market share in global oil supplies is expected to shrink due to increased production from non-OPEC countries like the US, Brazil, and Canada. The demand for OPEC oil is projected to decrease by 7% by 2023. OPEC is under pressure to cut production further, but this strategy may backfire by allowing more room for US shale and other non-OPEC supplies. Analysts and former Saudi oil minister Al Naimi have warned that continuous production cuts could lead to a vicious cycle, benefiting non-OPEC producers.
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OPEN ENDED QUESTION
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How is US shale oil described in the context of the report?
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What warning did the former Saudi oil minister Al Naimi give regarding production cuts?
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