The Organization of the Petroleum Exporting Countries (OPEC), a group consisting of 14 of the world’s major oil-exporting nations, is no longer the “price-setter” in the age of US shale, but still plays a key role in managing inventories and setting the shape of the forward curve in the oil market, according to analysts at Goldman Sachs.
Key quotes (Source: Reuters)
The short-term market share maximization strategy from OPEC+ (OPEC and Russia) is counterproductive.
OPEC’s long-term market share gains are inevitable.
Big oils’ carbon reduction ambitions reduce their ability to accelerate oil field developments.
The end of the non-OPEC growth drives the expectation of the tighter oil market from 2021e.
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