Is OPEC Losing Its Influence?

The pace of global oil demand growth will be gradually slowing through 2040, OPEC said in its annual report on Tuesday, revising down its medium and long-term demand growth outlook compared to last year’s estimates.   In its annual World Oil Outlook 2019 report published today, the group also lowered projections about its own liquids supply to 2024, admitting that soaring U.S. shale production and supply from other producers including Brazil, Norway, and Kazakhstan will eat into its market share over the next five years.   “Signs…