OPEC: Russia’s oil output to rise by only 0.5 mln bpd until 2045

MOSCOW, Oct 8 (PRIME) -- OPEC expects that Russia’s annual oil production will increase by only 0.5 million barrels per day until 2045, as compared to 11.4 million barrels per day produced in 2019, OPEC said in its annual World Oil Outlook (WOO) report on Thursday.

Russia’s crude production is seen at 10.3 million barrels per day in 2020, 10.4 million barrels per day in 2021, 11 million barrels per day in 2022, 11.4 million barrels per day in 2023, 11.7 million barrels per day in 2024, 11.8 million barrels per day in 2025, 11.9 million barrels per day annually in 2026–2030, and around 12 million barrels per day in 2030–2040.

OPEC also said that global demand for oil will fully recover from the coronavirus-related crisis in 2022.

Global demand for crude is seen at 99.7 million barrels per day in 2019, 90.7 million barrels per day in 2020, 97.7 million barrels per day in 2021, 99.8 million barrels per day in 2022, 101.3 million barrels per day in 2023, and around 109 million barrels per day in 2040–2045.

OPEC also said that oil will have a smaller, but still major share of 27.5% in the world’s energy balance in 2045, as compared with a share of 31.5% in 2019. The share of gas will rise to 25.3% in 2045 from 23.1% in 2019, and the share of coal to 26.7% in 2045 from 19.7% in 2019.

End