- According to the outlook, "Total crude and condensate trade is expected to increase from 33.9 mb/d in 2021 to almost 40.5 mb/d by 2045"
According to TASS, Russia's state-owned news agency article published on October 31, 2022, european countries will continue to import oil from Russia in the medium to long term, but supply volumes will be well below 2021 levels, according to the OPEC World Oil Outlook.
"This outlook assumes that Europe will continue to import some Russian crude in the medium-to long-term. However, this outlook recognizes the potential lasting consequences of the oil embargo, meaning that flows from Russia to the EU are likely to be significantly lower compared to 2021," the report said.
According to the outlook, "Total crude and condensate trade is expected to increase from 33.9 mb/d in 2021 to almost 40.5 mb/d by 2045. The Middle East remains by far the most important crude and condensate exporter throughout the period. In line with rising demand for OPEC liquids, it is projected to increase its exports from 15.7 mb/d in 2021 to 22.7 mb/d in 2045, or more than 56% of total trade movements. Latin American exports are set to grow strongly, reaching 5.7 mb/d in 2045, up from 3.4 mb/d in 2021. In line with supply trends, US & Canada exports are set to peak in 2025 at 4.7 mb/d, followed by a gradual decline to 2.3 mb/d in 2045."
