OPEC Secretary General Haitham Al-Ghais said he expected the organization’s market share to increase from 30% to more than 40% by 2040.
The increase will come from production decreases from non-OPEC+ countries, Al-Arabiya quoted Al-Ghais as saying.
“This will happen after production decreases from countries outside OPEC+ or outside OPEC. The US production is expected to decrease by 2029-2030, as well as other countries,” he told the agency.
For his part, Kuwaiti Oil Minister Saad Al-Barrak told the Emirates News Agency (WAM) on Thursday that his country would invest more than $300 billion in the energy sector by 2040.
The OPEC energy ministers held a meeting on Wednesday to attend the eighth international OPEC conference in Vienna.
Participants in the meeting reviewed the market conditions and agreed to continue consultations with their non-OPEC counterparts, through the approved mechanisms, including the Meetings of the Joint Ministerial Monitoring Committee, and the ministerial meeting of OPEC and non-OPEC countries, in continuation of their efforts to support the stability and balance of oil markets.
During the meeting, the ministers expressed their appreciation to Saudi Arabia for extending its voluntary cut of one million barrels per day, to the month of August.
They also thanked Russia for the additional voluntary cut of 500,000 barrels per day in exports, and Algeria for the additional voluntary cut of 20,000 barrels per day in August.
Meanwhile, the Iraqi Oil Ministry said that Oil Minister Hayan Abdul Ghani met with his Saudi counterpart, Prince Abdulaziz bin Salman, on the sidelines of the OPEC conference.
The two officials underlined the importance of joint coordination between the member states of the OPEC and OPEC Plus to achieve stability in global oil markets.
