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OPEC Market Share To Rise By 40% By 2040: OPEC Chief

OIL

OPEC Secretary General Haitham Al Ghais expects that the organization's market share will increase from 30% to more than 40% by 2040.

  • The increase will come from production decreases from non-OPEC+ countries, he said.
  • The group urges member states and their national companies to make more investments in oil exploration and production to meet global demand in the future.
  • He also expected US production to decrease by 2029–2030.
  • "We are certain that demand for oil will rise and that OPEC and OPEC + must meet this demand," Al Ghais added.

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