OPEC: Volume of daily oil, condensate supplies to Asia-Pacific to increase by 2045

Oil and condensate deliveries to the Asia-Pacific region (APR) will increase from 22.5 million barrels per day in 2021 to more than 30 million barrels per day in 2045 amidst solid demand growth and lower local production, Report informs with reference to the OPEC World Oil Outlook.

The Middle East will remain the most significant supplier, increasing its share in total APR imports from 60% in 2021 to 65% in 2045. Other regions such as Latin America, Russia, the Caspian, the US and Canada will also increase supplies in the medium to long term.

At the same time, it is predicted that the total volume of world trade in oil and condensate will increase from 33.9 million barrels per day in 2021 to almost 40.5 million barrels per day by 2045.

Exports of the Middle East will increase from 15.7 million barrels per day to 22.7 million, accounting for 56% of all world trade. Deliveries from Latin America will reach 5.7 million bpd in 2045, up from 3.5 million in 2021.

US and Canadian exports will peak in 2025 at 4.7 million barrels per day, followed by a gradual decline to 2.3 million by 2045.