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OPEC may face a few lean years ahead, but BP in the latest edition of its Energy Outlook 2035, says that the producers’ group, with its low cost output base will ride out the threat from US shale and ultimately raise its market share.
“I’m perplexed by the idea that OPEC has lost its power,” BP chief economist Spencer Dale said at the launch of the major’s latest long-term oil market outlook on 17 February. “I’ve read report after report about the impending demise of OPEC, but based on this outlook, my hunch is those reports are greatly exaggerated. OPEC remains a force in the market for the next 20 years.”
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