The role of “OPEC” in global oil supplies is growing at the expense of Russia

Western energy reports said that Russia’s role in global oil supplies will decline in favor of OPEC, whose share of global production will increase.

According to the American “Oil Price” bulletin in a report on Sunday evening, Russia was able to increase its oil production last year despite being subjected to severe sanctions, the exit of a large number of oil field service companies from the country, as well as the refusal of Western countries to buy its crude oil mostly.

But the Energy Intelligence publication, which specializes in energy, says that Moscow cannot continue to challenge Western sanctions and their repercussions on the oil industry indefinitely. In the same regard, the British “BP” company expected that Russia’s oil production would suffer a major blow in the long term, and its production might decrease by between 25 and 42% by 2035.

BP says that Russian oil production may drop from 12 million barrels per day in 2019 to quantities ranging between 7 and 9 million barrels per day in 2035 due to the curtailment of promising new projects, limited access to foreign technologies and declining operating assets.

Thus, BP says, “OPEC” will become more dominant as the years go by, with the organization’s share of global production increasing to between 45%-65% by 2050, up from the current 30%.

Bloomberg had previously reported that Russia had sharply increased its diesel exports before the European Union began sanctions on crude oil in February. Fuel shipments from Russian ports in the Baltic and Black Seas were set to increase to 2.68m tonnes in January, good for an 8% month-on-month increase compared to December volumes and the highest export rate since January. 2020.

According to the data of the American “Energy Intelligence” publication, the production of crude oil and condensate in Russia increased last year by 2%, as Russian oil production recorded an average of 10.73 million barrels per day, which is higher than the expectations of the Russian Ministry of Economic Development of 10.33 million barrels per day. . Russia also managed to achieve this achievement mainly by offering huge discounts to buyers such as China and India, as Bloomberg oil expert Julian Lee reported that China and India got discounts of $ 33.28 a barrel, or about 40% of Brent crude prices in the markets. Globalism.