# OPEC's market share sinks - and no sign of wavering on supply cuts

> OPEC crude made up 30% of world oil supply in July 2019, down from over 34% a decade ago and a 35% peak in 2012. World supply rose 2.7% to 98.7 million bpd while OPEC output fell 8.4% to 29.6 million bpd. The group shows no sign of ending its supply cuts.

- Date: 2019-08-22 · published 2019-08-22T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/57501-opec-s-market-share-sinks-and-no-sign-of-wavering-on-supply-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued OPEC restraint supports crude prices, which feed into diesel and fertilizer costs for feed production and transport. Falling OPEC share means the cartel's cuts are increasingly offset by non-OPEC supply, limiting the price support.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-04-09 | [With Russia Cold To Cuts And Libya On Fire, OPEC Supply Squeeze May End \| Investing.com](https://feedsoft.ai/events/59504-with-russia-cold-to-cuts-and-libya-on-fire-opec-supply-squeeze-may-end.md) | -1.5% | -4.6% |
| WTI | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -3.8% | -7.6% |
| WTI | 2024-07-19 | [OPEC+ not expected to change supply levels after market and price stabilisation - Offshore Technology](https://feedsoft.ai/events/29163-opec-not-expected-to-change-supply-levels-after-market-and-price-stabilisation.md) | -5.6% | -5.4% |
| WTI | 2019-09-11 | [Saudi Arabia and Russia call for OPEC+ cohesiveness with supply cuts](https://feedsoft.ai/events/57006-saudi-arabia-and-russia-call-for-opec-cohesiveness-with-supply-cuts.md) | +3.3% | -8.3% |
| WTI | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +2.8% | +16.0% |
| BRENT | 2019-04-09 | [With Russia Cold To Cuts And Libya On Fire, OPEC Supply Squeeze May End \| Investing.com](https://feedsoft.ai/events/59504-with-russia-cold-to-cuts-and-libya-on-fire-opec-supply-squeeze-may-end.md) | -0.1% | -1.0% |
| BRENT | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -2.9% | -3.4% |
| BRENT | 2024-07-19 | [OPEC+ not expected to change supply levels after market and price stabilisation - Offshore Technology](https://feedsoft.ai/events/29163-opec-not-expected-to-change-supply-levels-after-market-and-price-stabilisation.md) | -3.7% | -4.2% |

## Sources

- reuters.com: https://www.reuters.com/article/us-oil-opec-graphic/opecs-market-share-sinks-and-no-sign-of-wavering-on-supply-cuts-idUSKCN1VC0U4/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.