OPEC+ oil supply projected to rise to 62.9 million bdp by 2050

Oil supply from OPEC+ countries could reach 62.9 million barrels per day (bpd) by 2050, up from 50.3 million bpd in 2023, to OPEC's long-term World Oil Outlook.

OPEC+ countries could provide 53.1 mill mln bpd of oil supply by 2029, News.Az reports, citing foreign media.

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.

News.Az