Analysts Predict 42% Decline In Russian Oil Production By 2035
Energy Intelligence reports that in 2022, Russia’s crude and condensate production increased 2%.
BP says that OPEC will become even more dominant as the years roll on, with the cartel’s share in global production increasing to 45%-65% by 2050 from just over 30% currently.
BP analysts: Russia’s oil output could decrease from 12 million barrels per day in 2019 to 7-9 million bpd in 2035.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.