MOSCOW (Pakistan Point News / Sputnik - 23rd September, 2018) Almost $11 trillion of investments in the oil industry are required up to 2040, the OPEC said in the World Oil Outlook 2040.
"Overall, including midstream investments of around $1 trillion, in the period up to 2040 the required global oil sector investment is estimated at almost $11 trillion," the report read.
According to the report, global crude exports will increase in the long-term due to additional volumes from the middle East destined for the Asia-Pacific.
"Global crude exports are expected to increase by around 5.4 mb/d [million barrels per day], mostly driven by increasing demand and falling domestic supply in the Asia-Pacific," the report read.
The cartel forecasts that Russia's production will stay flat in 2017-2023.
"Russia's total liquids production is expected to stay relatively flat around 11.2 mb/d in the 2017-2023 forecast period ... In the longer term, upstream production could get a boost from a change in the fiscal regime, as the Russian government continues to shift the tax burden from exports to wellhead production," the report read.