In December, OPEC member Saudi Arabia pulled out of its output cut agreement.
That came after the U.S. and Europe threatened to suspend production, and the U, China, and Russia all ramped up production to keep prices down.
Now, according to a new report from Statista, that might be about to change.
According to Statista’s new oil price index, the world is looking at a significant drop in the price of crude oil.
In January, the U .
S. was selling at a discount to oil, and now the U.$s price of oil is down to $53 per barrel.
That puts the U.’s current oil price at about $30 per barrel below the price OPEC is willing to pay to keep oil production going.
That means that the U$s share of the world’s supply could fall to around 1% by 2030, from its current 5.2% share, Statista reports.
This is an important moment in the oil industry, which has been trying to find new markets for oil and that’s led to the emergence of some big new players like Total, Shell, and Chevron.
Statista is not the only data provider to highlight the falling share of world supply.
The Organization of the Petroleum Exporting Countries, or Opec, has been working on a plan to keep the price low.
Last month, the Opec’s secretary-general, Mohammed bin Hammam, announced that it was aiming to reduce the share of oil from the world to 1% of the oil supply by 2030.
Statistis data also points to a big decline in the share from OPEC’s member states.
The Opec is currently in a power struggle with Saudi Arabia over the output cuts and is reportedly planning to increase production by around 1.5 million barrels per day (bpd) in the next six months.
Statisticistis latest report also shows that OPEC has a big challenge on its hands.
The OPEC member countries have been trying desperately to keep their output levels below the 2.2 million bpd level that has been the norm for the past few years.
It is also important to remember that the OPEC’s current production levels are a bit low compared to the global oil market, which is currently producing about 3.5m bpd, according the Stockholm International Peace Research Institute.
Statists report that in 2020, the global market was about 4.8 million bps.
Statistas data shows that global production is expected to increase to 4.9 million bp in 2021, 6.1 million bpm in 2022, and 8.2 mbp in 2022.
Thats more than 3 million bpc higher than in 2020.
Statistical reports are not a reliable indicator of the future, of course, but Statista does offer a hint.
It predicts that the global share of total oil supply will decrease from around 7% to 6% by 2022.
Statistically speaking, this is still pretty impressive.
The decline in global oil supply from 2019 to 2020 was significant.
In the early part of the year, the biggest oil producers in the world were producing about 5m bp of oil a day, and they have since seen their production levels drop dramatically.
Statistics is a bit of a tricky business, and Statista only provides a snapshot of global oil supplies in a given year, but it’s pretty clear that the trend is down, and that the number of global producers is falling.
The global share is also falling.
By 2022, the number is expected drop to around 3% of global supply, from 5.4% in 2020 and 8% in 2021.
Statismans data points to this as well.
The new oil prices in the last few years have meant that oil prices are down from about $100 per barrel to under $50 per barrel, which means that oil supply in the future is not going to be as high as it was before.
Statsts forecasted that the share will decrease to 2.7% by 2028.