The international oil market was dominated by the “Seven Sisters” multinational companies, and was largely separate from that of the former Soviet Union (FSU) and other centrally planned economies (CPEs). The 1986 oil glut affected OPEC’s market, dropping its total petroleum revenue to a third of earlier peaks. Therefore, ending the 57-year membership would have limited impact on the organisation and the oil market. Its total 2018 oil production is estimated at between 600, 000- 650, 000 barrels per day (bpd), less than two per cent of OPEC’s oil output. This provides an uncertain outlook for the oil market generally, one which stakeholders in the sector will be monitoring very closely,” he noted.

Source: The Guardian January 06, 2019 04:30 UTC