1.As to OPEC,it's share in the world’s crude oil production has decreased by about 300bps in last12 months from its recent peak of c. 40% in Aug-22 to c. 37% in Aug-23. the barrels from “core members” were mainly replaced by rising production from “sanctioned members” (Iran, Libya and Venezuela – not subject to OPEC quotas).
In the meantime,Iran(3), Venezuela() and Libya(8)are nearing their maximumproduction capacity.Sustainable production increases from h...