"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.