OPEC: Oil and condensate supplies to the Asia-Pacific region will increase by 2045

By Rhod Mackenzie

The Asia-Pacific region’s (APR) share of global oil and gas condensate imports is set to increase from 64% in 2022 to nearly 72% by 2045, according to OPEC’s annual report, World Oil Outlook 2045 (WOO). Accordingly, oil and gas condensate supplies to the region will surge by 9.6 million barrels per day to reach 32.6 million.

“The APR region continues to be the primary destination for worldwide oil and condensate exports. The total number of imports is expected to increase gradually from 23 million barrels per day in 2022 to 32.6 million barrels per day by 2045. Consequently, the percentage of global interregional trade in the Asia-Pacific region will rise from 64% in 2022 to almost 72% by 2045,” indicates the report.

OPEC states that owing to robust demand growth, worldwide trade in oil and condensate will exceed 39.3 million barrels per day in 2025, exceeding the mark by over 3 million compared to 2022.
After 2025, there will be a gradual rise in the volume of oil and condensate trade, which is predicted to reach 45.3 million barrels per day by 2045.

According to OPEC, the main countries contributing to the export growth will be those of the Middle East, Latin America, USA, and Canada.

OPEC also anticipates that liquid hydrocarbon production (oil and condensate) by member countries will rise from 34.2 million barrels per day in 2022 to 46.1 million barrels per day in 2045, increasing their global production share to 40%.

“According to the document, OPEC’s liquid production is set to increase continuously, reaching 46.1 million barrels per day by 2045, which translates to OPEC’s market share rising from 34% in 2022 to 40% in 2045.

Concurrently, global production is expected to reach 116 million barrels per day by 2045 – an increase of 16 million barrels compared to 2022, as per the OPEC report.”
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OPEC: Oil and condensate supplies to the Asia-Pacific region will increase by 2045

By Rhod Mackenzie The Asia-Pacific region’s (APR) share of global oil and gas condensate imports is set to increase from 64% in 2022 to nearly 72% by…