OPEC's share in the global oil market will increase to more than 40% by 2040-2050, the organization's secretary general, Haitham Al Ghais, said on Thursday
CAIRO (Pakistan Point News / Sputnik - 06th July, 2023) OPEC's share in the global oil market will increase to more than 40% by 2040-2050, the organization's secretary general, Haitham Al Ghais, said on Thursday.
"OPEC's market share will grow from today's 30% or so to over 40% in the future, by 2040-2025. This is a long-term estimate," he said in an interview with Al-Arabiya broadcaster.
Al Ghais noted that a decrease in crude oil production is expected in the countries that are not part of OPEC or OPEC+. In the US, as well as in a number of other countries, the drop in production will happen in 2029-2030, he said.
OPEC said on Wednesday that oil and energy ministers of its member states had agreed on the sidelines of the seminar in Vienna to continue consultations on maintaining balance in the global oil market with their colleagues from non-member states.��
The 8th two-day OPEC International Seminar is currently taking place in Vienna. The event brought together ministers of oil-producing countries and heads of global energy companies.
