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2015-07-01 19:25:00

OPEC SHARE DOWN

OPEC SHARE DOWN

Booming U.S. shale production helped cut OPEC's global crude market share to a 12 year low last year.

According to OPEC's Annual Statistical Bulletin, the group's share of the global crude market sank to 41.8 percent in 2014, down from 43.3 percent the year before.

The 1.5 percent slide marks OPEC's lowest crude market share level since 2003, Bloomberg News said.

According to the bulletin, Libya accounted for over half of OPEC's output decline as two rival governments continue to fight for control of the oil rich country.

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Tags: OPEC, OIL, US
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