OPEC Output to Grow by 1 Million bpd by 2030: IEA

OPEC Output to Grow by 1 Million bpd by 2030: IEA

TEHRAN (Tasnim) – The International Energy Agency (IEA) predicted that oil production by the Organization of Petroleum Exporting Countries (OPEC) will increase by one million barrels per day (bpd) by 2023.

The share of Russia and OPEC countries in oil supplies to the world market by 2030 is predicted at 45%-48% and at over 50% by 2050 due to an increase in Saudi Arabia’s output, the agency said in its World Energy Outlook in 2023.

"Total production by members of OPEC increases by a modest 1 million barrels per day (bpd) to 2030, given around 1.5 mb/d of declines from OPEC producers in Africa," the report said, according to TASS.

OPEC and Russia’s combined share of global oil supply remains between 45%-48% to 2030 but it increases above 50% by 2050 as Saudi Arabia increases production.

One of the scenarios suggests that Russia’s crude output will go down by 3.5 million barrels per day by 2050 compared with 2022, the agency added. 


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