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The Organization of the Petroleum Exporting Countries (OPEC) projected that it will supply a shrinking amount of oil over the coming five years. citing growing US shale production and non-OPEC supplies. the producer club said.
OPEC output of crude oil and other liquids is set to decline to 32.8 million barrels per day (bpd) by 2024. compared with 35 million bpd this year. according to the 14-member group’s 2019 World Oil Outlook report.
“Non-OPEC supply prospects have been revised up sharply. as US tight oil. in particular. has again outperformed expectations.“ OPEC Secretary-General Mohammad Barkindo said in the foreword of the report. referring to shale oil.
US output hit record peaks due to shale bonanza. with new technology tapping into reserves. while OPEC supply has been dragged down by voluntary cuts and US sanctions against group members Iran and Venezuela.
US shale output is expected to reach 16.9 million bpd in 2024. up from 12 million bpd this year. while growth will slow down and hit a record of 17.4 million bpd by 2029. OPEC’s report said.
Amid rising climate activism and growing use of alternative fuels. OPEC slashed its medium- and long- term oil demand projections.
On the medium term. OPEC expected global oil consumption to decline to 103.9 million bpd in 2023. from 104.5 million in last year’s report.
Over the longer term. demand is projected to grow by 12 million bpd to 110.6 million bpd by 2040.
