In long term oil production by OPEC will increase by 7 million barrels a day and will reach 44 million barrels a day by 2035, reads BP Energy Outlook.
BP report reads that OPEC increases oil production, but tries to maintain its market share at about 40%.
According to BP forecasts, world demand in liquid hydrocarbons will increase by 20 million barrels a day up to 112 million barrels a day by 2035.
According to OPEC forecasts, during this period oil deliveries by the non-OPEC member-states will increase by 11 million barrels a day.
According to the International Energy Agency (IEA), in April 2016 world oil supplies increased by 250,000 barrels a day up to 96.2 million barrels a day.
According to IEA estimates, last month oil extraction by OPEC increased by 330,000 barrels a day up to 32.76 million barrels a day.—0—
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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