OPEC to maintain its 40-percent market share in long-term - BP
Baku, Azerbaijan, Feb.11
By Aygun Badalova - Trend:
OPEC will maintain its market share of around 40 percent, increasing output by 7 million barrels per day (bpd) to 44 million bpd by 2035, according to BP Energy Outlook.
"OPEC is assumed to respond to the stronger growth in tight oil by increasing its own production in order to maintain its market share," BP said in a report.
In its recent summit on December 4, the OPEC failed to put a new ceiling to its output. The official quota for OPEC oil production is set at 30 million barrels per day.
According to OPEC's monthly report, released on Feb.10, cartel's 13 members produced 32.335 million bpd in January, about 130,700 bpd more than December 2015.
Crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia and Iran, while production showed a decrease of from Angola, Venezuela and Algeria, the report said.
Demand for OPEC crude in 2015 is estimated to average 29.8 million bpd, representing an increase of 0.1 million bpd over the previous year and lower by 0.1 million bpd compared to the previous report.