Insight
The next decade of OPEC+ oil growth
Report summary
In an uncertain investment environment, and with many IOCs strategically constrained, there is a sense of growing reliance on OPEC+ to deliver oil supply growth over the longer term. Each member faces distinct challenges in meeting, maintaining, or growing supply. To varying degrees, sanctions, a lack of investment, infrastructure limitations, political or financial headwinds and fundamental resource limitations will temper growth outcomes. The reality is that only two OPEC+ countries have a clear path towards achieving their stated longer-term growth goals. Even then, achieving the targets in the expected time-frame could be a stretch.
Table of contents
- Saudi Arabia – expanding oil capacity to 13 million b/d by 2027
- Russia – Ukraine invasion undermines oil growth plans
- Iraq – growth momentum has stalled
- United Arab Emirates – oil capacity target of 5 million b/d by 2027 is ambitious
- Kuwait – achieving 3.5 million b/d will be a struggle
- Iran – stuck in sanctions limbo
- Mexico – an uphill task just to reverse production decline
- Kazakhstan – remains highly reliant on megaprojects
- Angola – just treading water
- Nigeria – enduring the worst upstream crisis since 2016
Tables and charts
This report includes 13 images and tables including:
- Saudi Aramco maximum sustainable capacity (MSC) growth plan
- Russia oil and condensate supply forecast
- UAE oil production outlook from commercially defined projects
What's included
This report contains:
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