OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term outlook for global oil supply. Oil production from outside OPEC—U.S. onshore and conventional projects mostly in Brazil and Canada—will help ensure adequate global oil supply through 2030, but U.S. production is expected to peak in the mid to late 2020s, leading to a decline in growth for non-OPEC liquids production, and even a decline in production after 2030, according to the energy consultancy. At the same time, after the mid 2020s, OPEC’s role and importance on the oil market will become more prominent in ensuring upstream investment to meet global oil demand growth and offset declines from […]