OPEC faces declining demand and shrinking market share in early 2024

LONDON -OPECis facing weakeningdemandfor its crude in the first half of2024just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cutsandmember Angola's exit, according to Reuters calculationsanddata from forecasters. The trend means the group would struggle to ease production cuts unless global oildemandaccelerates orOPECis prepared to accept lower oil prices. Angola said this month it is leaving the Organization of the Petroleum Exporting Countries (OPEC) from January2024, following exits by Ecuador in 2020, Qatar in 2019andIndonesia in 2016. Angola's departure will leave the group with 12 membersandtake its production to b...Keep on reading: OPEC faces declining demand and shrinking market share in early 2024

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