https://sputnikglobe.com/20231024/opec-russias-share-in-oil-supplies-to-stay-at-some-48-by-2030-exceed-50-by-2050---iea-1114451060.html
OPEC-Russia's Share in Oil Supplies to Stay at Some 48% by 2030, Exceed 50% by 2050 - IEA
OPEC-Russia's Share in Oil Supplies to Stay at Some 48% by 2030, Exceed 50% by 2050 - IEA
Sputnik International
Russia and OPEC petroleum exporting countries will continue to account for up to 48% of global oil supply until 2030 and exceed 50% by 2050, when Saudi Arabia boosts production, the International Energy Agency (IEA) said on Tuesday.
2023-10-24T11:46+0000
2023-10-24T11:46+0000
2023-10-24T11:46+0000
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"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 IEA said in a fresh World Energy Outlook. Total oil production by OPEC members is set to increase by 1 million barrels per day by 2030, given a decrease of about 1.5 million barrels per day by OPEC producers in Africa. Russia's output is projected to drop by 3.5 million barrels per day between 2022 and 2050, according to the report. OPEC+, the global alliance of oil producers led by Saudi Arabia and Russia, has been aggressively cutting crude supplies on the global market in recent months, citing uncertainties about demand. The Saudis have pledged to cut 1 million barrels per day until the end of the year, while Russia has said it will reduce daily supply by 300,000 barrels.
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OPEC-Russia's Share in Oil Supplies to Stay at Some 48% by 2030, Exceed 50% by 2050 - IEA
MOSCOW (Sputnik) - Russia and OPEC petroleum exporting countries will continue to account for up to 48% of global oil supply until 2030 and exceed 50% by 2050, when Saudi Arabia boosts production, the International Energy Agency (IEA) said on Tuesday.
"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 IEA said in a fresh World Energy Outlook.
15 October 2023, 03:04 GMT
Total oil production by OPEC members is set to increase by 1 million barrels per day by 2030, given a decrease of about 1.5 million barrels per day by OPEC producers in Africa. Russia's output is projected to drop by 3.5 million barrels per day between 2022 and 2050, according to the report.
OPEC+, the global alliance of oil producers led by Saudi Arabia and Russia, has been aggressively cutting crude supplies on the global market in recent months, citing uncertainties about demand. The Saudis have pledged to cut 1 million barrels per day until the end of the year, while Russia has said it will reduce daily supply by 300,000 barrels.
