OPEC Plus to increase share in global oil supply after 2030
According to the international economics section of Webangah News Agency, citing Tasnim News Agency, Alexander Novak, russia’s deputy Prime Minister, wrote in an article for the journal “Energy Policy” that OPEC+ coalition member countries will take the lead in global oil supply growth after 2030.
He added that these countries’ share of the global market could rise from 49% currently to 52% by 2050.
Novak stated: The main portion of increased oil supply after 2030 will come from OPEC+ member nations, including Russia.
The Russian official further noted: India will also be a key driver of rising oil consumption.
According to OPEC estimates, india’s oil demand will increase from 5.3 million barrels per day in 2023 to 13.3 million barrels per day by 2050.
Novak stated that China, along with several countries in Asia, the Middle East, and Africa, will also be among the leading consumers.
He added that the largest decline in oil demand will occur in European countries, where demand is projected to drop from 13.4 million barrels per day to 9.2 million barrels per day.
Novak noted that future growth in global demand and compensation for natural production declines will primarily be met by OPEC+ nations. Analysts predict this trend will increase OPEC+’s share of the global market (including oil and other liquid hydrocarbons) from 49% to 52% by 2050.
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