The Organisation of Petroleum Exporting Countries saw its market share shrink to a 12-year low in 2014 against increased competition from US shale oil and continued global oversupply.
The group’s share dropped to 41.8%, down from 43.3% the year before marking OPEC’s lowest market share level since 2003, Bloomberg reported.
According to OPEC’s Annual Statistical Bulletin, Libya accounted for over half of OPEC’s output decline as violence continues to rock the oil-rich country.
In 2014, Libya’s crude oil output plummeted 52% to 480,000 barrels per day (bopd) from nearly 1.6mn bopd in 2011 before the toppling of Muammar Gaddafi.
Furthermore, OPEC’s exports to Asia fell to 13.7mn bopd last year — a 541,000-bpd drop.
Crude oil shipments to North America sank to 3.15mn bpd, down by about 312,000 bpd from the previous year, accoridng to Bloomberg.
During its meeting in Vienna the cartel decided to keep its 30mn bpd production target unchanged despite the oil price fall and rising criticism from smaller producers and non-OPEC members.
Official data shows that the group went above that target in May pumping about 31.11mn bpd. This was the highest monthly production volume since October 2012.
Representatives from member countries are due to meet next on 4th of December in Vienna to discuss further adjustment of production targets and quotas.
