OPEC forecasts reduction in US oil production by 2045

The production of liquid hydrocarbons in the US will grow until 2030, after which it will decrease to 17.2 million barrels per day by 2045, which will be more than 0.5 million barrels less than in 2021, Report informs referring to the annual OPEC World Oil Outlook (WOO) report.

“Overall, in the long term, a moderate decline in the production of total liquid hydrocarbons in the US is expected from 17.8 million barrels per day in 2021 to 17.2 million barrels per day in 2045, or by 0.5 million barrels per day,” reads the report.

Thus, according to OPEC estimates, by 2025, production in the US is expected to increase to 21.3 million barrels per day, and it will remain at the same level in 2030.

The increase in supply is associated with the growth in the number of drilling rigs in the country and low prices for wells, which will encourage continued investment.

However, by 2035 the supply of liquid hydrocarbons in the country will fall to 19.9 million, by 2040 it will drop to 18.5 million, and by 2045 it will reach 17.2 million barrels per day.