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IEA expects OPEC output to grow by 1 mb/d by 2030

One of scenarios suggests that Russia’s crude output will go down by 3.5 mb/d by 2050 compared with 2022

MOSCOW, October 24. /TASS/. The International Energy Agency (IEA) projects an increase in oil output by OPEC nations by 1 mln barrels per day (mb/d) by 2030, the agency said in its World Energy Outlook 2023.

The share of Russia and OPEC countries in oil supplies to the global market by 2030 is expected at 45-48% and at over 50% by 2050 due to an increase in Saudi Arabia’s output.

"Total production by members of OPEC increases by a modest 1 mb/d to 2030, given around 1.5 mb/d of declines from OPEC producers in Africa. OPEC and Russia’s combined share of global oil supply remains between 45-48% to 2030 but it rises above 50% by 2050 as Saudi Arabia increases production," the report said.

One of scenarios suggests that Russia’s crude output will go down by 3.5 mb/d by 2050 compared with 2022. The US’ shale oil production is expected to rise by 2 mb/d by 2030 compared with 7.5 mb/d in 2022, after which it is projected to reach the peak and decline to 8.6 mb/d in 2050. Brazil and Guyana are also expected to contribute much to global supplies.

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Bundestag members address Cabinet with query regarding Ukraine’s attack on Kursk Region

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