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OPEC To Rule Oil Markets Till Peak Demand

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term outlook for global oil supply. Oil production from outside OPEC—U.S. onshore and conventional projects mostly in Brazil and Canada—will help ensure adequate global oil supply through 2030, but U.S. production…