OPEC World Oil Outlook sees US tight oil peak in 2029 OPEC supplies needed to meet global demand: Barkindo 2040 demand forecast revised downward Vienna — OPEC’s share of the oil market will shrink to 31% in 2024, from 37% in 2018, as US tight oil supplies surge, the producer group forecast in its World Oil Outlook on Tuesday. But the long-term prospects for the group are much better, with non-OPEC production peaking in 2026, allowing OPEC to regain its footing and claim a 40% market share by 2040, the report projected. The outlook, OPEC’s annual medium- and long-term oil market forecasts, is meant to guide the organization as it navigates an uncertain future of climate change regulations and peak demand concerns, while trying to bolster prices enough to support its members’ oil-dependent economies against torrid competition from US shale producers. The World Oil Outlook painted a bearish […]