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onshore oil company

WoodMac: OPEC to remain key oil supplier until 2040

Date: 16 July 2018

Woodmac: OPEC will continue to be a key player in oil market till 2040

According to a report by Wood Mackenzie, OPEC will continue to be an important player in the oil market until 2040. The global natural resources consultancy also reported that it expects continued growth in production through the medium term till the US plateaus. Following that, the non-OPEC liquid production will lose its momentum and start declining gradually after 2030.

“With demand continuing to grow through to its peak in the mid-2030s, the industry must find increasingly expensive oil to offset declines from a maturing asset base. To balance the market in the long-term, there is increasing reliance on OPEC continuing to exploit its available reserves,” reported Wood Mackenzie.

As the dependence on OPEC builds up, so does the significance of geopolitical risk as a key determiner for both prices and supply.

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