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Members of the Organization of Petroleum Exporting Countries announced on Tuesday that they anticipate the oil demand will be 100,000 barrels less than originally calculated, MarketWatch reported.
The decline is not related to less demand for petroleum, but rather because of increased production from non-member countries that is biting into OPEC’s market share. Overall global production estimates remained unchanged.
Non-OPEC oil production is expected to rise by 1 million barrels per day, largely due to an oil boom in the United States. Analysts are contemplating whether OPEC can maintain its market dominance, as forecasts are predicting that U.S. oil production — aided by shale-rock drilling technology — will overtake OPEC production by 2020…
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