2Q 2014, OPEC produced 39% of the World’s Oil.
2Q 2009, OPEC produced 40% of the World’s Oil.
Their marketshare really hasn’t changed much. Our increases have been offset more by other losses and increases in total global demand.
Are supply drops outside of NA the result of big oil companies balking at the terms set by various countries that want to take all the profit but foot none of the risk (i.e. capital expense).