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OPEC+ to ensure main growth of global oil supplies after 2030 — Novak

China, Asian, Middle Eastern and African countries will be among leading consumers

MOSCOW, May 12. /TASS/. OPEC+ countries, including Russia, will ensure the main growth of global oil supplies after 2030, Russian Deputy Prime Minister Alexander Novak wrote in an op-ed for the Energy Policy magazine.

Meanwhile the share of the market of OPEC+ members may rise from 49% to 52% by 2050, he added.

"The main increase in oil supplies after 2030 will be due to OPEC+ countries, including Russia. While India will be the main driver of oil consumption growth as its demand, as per OPEC, will increase from 5.3 mln barrels per day in 2023 to 13.3 mln barrels per day in 2050," Novak said.

China, other Asian, Middle Eastern and African countries will also be among leading consumers. "The largest decline in oil demand is expected in European countries as oil demand in the region will go down from 13.4 to 9.2 mln barrels per day," he added.

"The growing global demand and replenishment of a natural decline in production globally in the future will be mainly satisfied due to OPEC+ countries, which will lead, as analysts of the organizations suggest, to an increase in the share of the market of OPEC+ countries from 49% to 52% by 2050 (considering oil and other liquid hydrocarbons)," Novak said.

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