- In turn, the OPEC countries will increase production by almost 13% by 2027, to 35.6 million bpd, the main increase in production will occur in 2022-2023 amid stabilization of the oil market
According to TASS, Russia's state-owned news agency article published on October 31, 2022, Non-OPEC countries will increase the supply of oil on the world market by 12% by 2027, but after the start of the 2030s, their production will start to decline slightly. This is according to OPEC World Oil Outlook. According to the report, by 2027, the supply of oil from non-OPEC countries will grow by 12% compared to 2021, to 71.4 mln barrels per day (bpd).
The USA will become the leader in terms of production growth, increasing output by 3.9 mln bpd. Brazil, Guyana, Canada and Norway will also increase supplies, while Russia will cut production by 0.7 mln bpd from the level of 2021 due to the conflict in Ukraine.
At the same time, as OPEC experts predict, from the beginning of the 2030s, non-OPEC countries will begin to reduce production, by 2045 the figure will be 67.5 mln bpd (down 5.5% from the level of 2027).
In turn, the OPEC countries will increase production by almost 13% by 2027, to 35.6 million bpd, the main increase in production will occur in 2022-2023 amid stabilization of the oil market. Unlike non-OPEC countries, which will begin to cut production after the early 2030s, OPEC countries will continue to steadily increase production.
By 2045, the supply of oil from OPEC countries may grow to 42.4 million bpd, the report says. Thus, the share of OPEC in world oil production may increase from 33% in 2021 to 39% in 2045.
