OPEC is having some success in heading off another oil market downturn, but over the medium-term the cartel faces much more serious risks. “OPEC’s production growth outlook over the medium term remains clouded by ongoing sanctions, geopolitical risks, competitive non-OPEC supply, low oil prices, and demand concerns,” Bank of America Merrill Lynch wrote in a new report. U.S. production has soared over the past half-decade, and continues to rise. Surging output from Texas shale fields has forced OPEC to back out production in order to avoid a price crash. In the years ahead, however, OPEC will continue to struggle. OPEC member-countries may not bring a huge amount of new capacity online, which could erode its position. “In our view, OPEC capacity additions during the past six years will exceed additions over the next six,” BofAML analysts wrote. Between 2013 and 2018, OPEC members added around 7 million barrels per […]