OPEC to enter new age of dominance over oil market

LONDON (United Kingdom)- The Organization of Petroleum Exporting Countries (OPEC) is about to enter a new age of dominance over the market, said Thursday in London the experts of the British Petroleum firm (BP) in Energy Outlook 2030 report.

BP’s forecasts show that over the next 20 years “OPEC will become as powerful as it was in 1970’s, marked by a series of oil shocks and shortages.”

The OPEC nations’ share of global production is expected to rise from 40% to 46% in the mid-term. Indeed, 75 percent of all growth in oil reserves over the next two decades is expected to come from OPEC nations, the source added.