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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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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