Insight
Global Oil Supply strategic planning outlook - March 2025
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Report summary
In our Global Oil Supply strategic planning outlook, liquids production capacity increases from 112 million b/d in 2025 to a plateau of around 117 million b/d from 2030 to 2034, before entering long-term decline. Production capacity is revised up across the forecast period, by an average of 0.3 million b/d through to 2035, and then by about 0.5 million b/d between 2035 and 2050. OPEC accounts for most of the increases, although this is weighted to NGLs rather than crude. Non-OPEC supply sees some marginal upgrades. Continued upstream investment remains critical to meet our demand outlook. Companies will remain focussed on capital discipline and investment efficiency, but new projects, increased recovery at existing fields and exploration are all required to offset mature field declines.
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