Shale Revolution, Slowing Demand Growth Cut Into Call On OPEC
By Rafiq Latta
A combination of surging non-OPEC supply and weaker oil demand growth has prompted OPEC into a radical reassessment of prospects for global demand for OPEC crude. OPEC’s annual World Oil Outlook 2012 (WOO), published on 8 November, projects the 2035 Call on OPEC at 34.9mn b/d under its Reference Scenario, down some 4.4mn b/d from last year’s report.
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