BAKU, Azerbaijan, October 9. In the medium term, OPEC's liquid supply is expected to increase by 3.5 mb/d, climbing from 34.2 mb/d in 2022 to 37.7 mb/d by 2028, Trend reports.
According to OPEC's estimations, this growth is driven by the ongoing recovery in demand, particularly during the 2023–2025 period.
Subsequently, following the peak in US liquid supply, and consequently non-OPEC liquids, in the early 2030s, OPEC's liquid production is projected to continue expanding, OPEC noted.
By 2045, it is expected to reach 46.1 mb/d. In terms of market share, this implies that OPEC's liquid production will increase from 34 percent of the global liquid supply in 2022 to 40 percent by 2045.
Meanwhile, non-OPEC liquid supply is poised to increase by 7 mb/d, rising from 65.8 mb/d in 2022 to 72.7 mb/d by 2028.
According to OPEC, once US tight oil reaches its peak around 2030, consequently affecting US liquid supply, total non-OPEC liquid supply will likely reach its peak shortly thereafter, at approximately 73.5 mb/d. By 2045, this supply is projected to decrease to 69.9 mb/d.