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OPEC+ countries to increase oil supply to 62.9 mln bpd by 2050 — OPEC

OPEC+ countries could provide 53.1 mill mln bpd of oil supply by 2029

MOSCOW, September 24. /TASS/. Oil supply from OPEC+ countries may increase to 62.9 mln barrels per day (bpd) by 2050, compared to 50.3 mln bpd in 2023, according to OPEC's long-term World Oil Outlook.

OPEC+ countries could provide 53.1 mill mln bpd of oil supply by 2029.

At the same time, OPEC emphasize· that non-OPEC+ supply will peak in the early 2030s, while OPEC+ supply will continue to grow. OPEC+'s share of global oil supply is expected to increase from 49% in 2023 to 52% in 2050.

Non-OPEC+ supply will increase to 58.8 mln bpd in 2029 from 51.7 mln bpd in 2023. The United States (by 2.3 mln bpd) and Brazil (by 1 mln bpd) will increase production the most. However, non-OPEC+ oil supply will decline to 57.3 mln bpd by 2050, according to OPEC's forecast.

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