OPEC: We Expect To Lose About 8% Of Our Share In The Global Oil Market Over The Next Five Years

Posted by on Nov 12, 2013 | Leave a Comment

BAGHDAD / News Network Iraq – predicted the Organization of Petroleum Exporting Countries [OPEC], to lose about 8% of its stake in the global oil market during the next five years, with the growing production of oil shale in North America.

Predicted the Organization in its annual report, the decline in demand for its oil about one million barrels per day until 2018. Analysts said the flurry of oil shale will adversely affect the Gulf States and Iraq. to that predicted Abdullah al-Badri Secretary General of the Organization [OPEC] oil prices remain at a level between 100-110 dollars per barrel until the end of 2013, reinforcing expectations Bhvaz Organization at its meeting early next month on production quotas amounting to 30 million barrels a day, and thus the current report holds recognition for the first time by the Organization of the impact of shale oil and wide repercussions.

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