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OPEC's Market Share Declines Amid Production Cuts and U.S. Increase
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Overview
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OPEC's global market share has declined due to production cuts and increased U.S. production, leading to a shift in market dynamics. Brazil and Guyana have also contributed to the increase in production. Despite warnings of economic slowdown, non-OPEC+ supply growth is expected to slow down in 2024.
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How could the shift in market dynamics affect the oil industry's future?
How might the decline in OPEC's market share impact global oil prices?
What are the potential consequences of the increased U.S. production and production cuts by OPEC+?
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