Global oil markets are going through a period of extraordinary change,” says the IEA in its Oil 2019 outlook to 2024 released this week. Unfortunately for Opec, these changes largely run counter to the 14-member grouping’s interests.

A tidal wave of non-Opec supply, with the US at the fore, is set to see Opec’s already shrunken share of global oil supply fall further. In absolute terms, the IEA sees demand for Opec crude (the ‘Call on Opec’) remaining below 2018 levels until 2023. As a percentage of global supply the picture is even more bleak, with Opec’s share falling every year out to 2024. (CONTINUED - 1063 WORDS)