The Organization of the Petroleum Exporting Countries (OPEC) and its broader alliance, OPEC+, are experiencing a diminishing influence over global crude oil prices. This decline in leverage is primarily driven by surging production from non-member nations, notably the United States, Brazil, and Guyana, which has largely offset the group’s voluntary supply cuts. In addition to losing global market share, the cartel faces internal tensions regarding production quotas, reduced demand growth from key consumers like China, and the long-term impacts of the global transition toward alternative energy sources.
- Record-high crude production from non-OPEC nations, led by the United States, has undermined the cartel’s ability to control global supply.
- Repeated output curbs intended to prop up crude prices have resulted in OPEC+ steadily losing market share to external competitors.
- Internal disagreements over individual production baselines have strained unity, contributing to member exits such as Angola.
- Slowing economic growth and increased adoption of electric vehicles in major markets like China are dampening traditional oil demand growth.
- Lower production volumes place fiscal pressure on member states that rely heavily on sustained oil revenues to balance national budgets.
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Saudis Tell OPEC That Output Slumped Again to Lowest Since 1990: https://bloom.bg/4hiVfzr
The fact that in the last 60 years the global population doubled and the amount of petroleum being consumed hasn't and actually is slowly but surely drop down
Not a single word about the 1973 war. Just a verbiage.
Good riddance
Hope OPEC 🪦
It seems colonial countries don’t like being pressured either. 🙃