OPEC Sees Oil Output to Plummet in the Next Five Years to 32.8m bpd

The Organization of the Petroleum Exporting Countries (OPEC) expects the production of the group to decrease from 35 million barrels per day (bpd) in 2019 to 32.8 million bpd in 2024.

OPEC, the producer of almost a third of global oil supply, said in its 2019 World Oil Outlook that the supply from the group will diminish in the next five years as output of U.S. shale and others expands.

“Signs of stress have appeared in the global economy, and the outlook for global growth, at least in the short- and medium-term, has been revised down repeatedly over the past year,” OPEC said.

OPEC now sees oil consumption in 2023 reaching 103.9 million bpd, down from 104.5 million bpd in last year’s report. As for the long-term outlook, oil demand is expected to increase by 12 million bpd to reach 110.6 million bpd by 2040, also lower than last year’s forecast.