Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens to OPEC's share of the world oil market?

Question

Quizplus · Accepted Answer

If there is an increase in non-OPEC oil supply due to new discoveries, it will lead to an increase in the overall supply of oil in the market. This will lead to a decrease in oil prices, resulting in OPEC losing its market share as other countries can offer cheaper oil. Therefore, OPEC's share of the world oil market will decrease.

Suppose the Supply of Non-OPEC Oil Increases Due to New