Haitham Al Ghais pointed out that this will happen after production decreases from countries outside OPEC+ or outside OPEC.
The US production is expected to decrease by 2029-2030, as well as other countries, Reuters reported.
Al Ghais is in Vienna, the capital of Austria, where the 8th OPEC International Seminar is underway.
The two-day seminar started at the Hofburg Palace on Wednesday, bringing together the representatives from top oil-exporting countries as well as chief executives from global energy majors, SHANA reported.
This year’s main theme of the event is "Towards a Sustainable and Inclusive Energy Transition".
On the sidelines of the 8th OPEC International Seminar, Iranian Oil Minister Javad Owji held high-profile talks with his Saudi Arabian and Emirati counterparts to discuss bilateral ties and issues of mutural interest.