Thanks in part to the U.S. shale oil boom, OPEC is predicting that its share of the world oil market will shrink in 2015 for a third year running, Reuters reported on Thursday. In its 2015 Oil Market Outlook, OPEC sees demand for its oil next year at 29.37 million barrels of oil per day (BOPD), down 0.31 million BOPD from 2014.

The report says outages in OPEC countries like Libya, Iraq and Iran curbed supply this year and helped support prices above $100 a barrel.

The report is also a further illustration that technology for extracting oil an...


Legal Notice