PressTV... The multinational energy giant, British Petroleum (BP) says the oil output by the Organization of the Petroleum Exporting Countries (OPEC) will reach record levels by 2030. In its newly-released Energy Outlook 2035, BP says, "The current weakness in the oil market, which stems in large part from strong growth in tight oil production in the US is likely to take several years to work through, but further out, the growth in tight oil is likely to slow and Middle East production will gain ground once more."
According to the energy giant, “The call on OPEC crude begins to increase, exceeding the historical high (32 Mb/d in 2007) by 2030.”
It says China and India are among the main drivers for oil demand in Asia, “Asia’s import dependency rises from 23% in 2013 to 27% by 2035. Oil accounts for 60% of that rise, with imports accounting for over 80% of Asian oil consumption by 2035. Asia’s oil imports in 2035 are almost as large as OPEC’s current entire oil production.”
China remains the largest contributor to world demand growth and will replace the United States as the world's top oil consumer by 2035.
India’s import requirements also grow rapidly, with imports accounting for almost 90% of its total oil demand by 2035,” it added.
Meantime, BP says, “North America switches from being a net importer of energy to a net exporter this year (2015).”
The benchmark report says, “Global liquids demand (oil, biofuels, and other liquids) is projected to rise by around 19 million barrels a day (Mb/d), to reach 111 Mb/d by 2035.”
BP predicts that "OPEC’s market share by the end of the Outlook is around 40%, similar to its average of the past 20 years."
BP's forecast shows that over the next 20 years OPEC will become as powerful as it was in 1970s.
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