Figure4.1Compositionofglobaloilliquidssupplygrowth,2021-2045mb/dSource:OPECSupplyin202195.2195.21Non-OPECliquidsgrowth95.213.91OPECliquidsgrowth99.1210.73Supplyin20450.00109.84Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformafrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchtheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentatiliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributainformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsdesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donoand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningthpetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.Supplyin2021Non-OPECliqugrowth80859095100105110115mb/dorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicemarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensurenowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingonthesarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thetaandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitsrpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orin2021Non-OPECliquidsgrowthOPECliquidsgrowthSupplyin2045Figure4.2Selectcontributorstonon-OPECtotalliquidschange,2021-2027mb/dSource:OPECChangeUS3.94Brazil1.16Guyana0.82Canada0.46Norway0.41Kazakhstan0.32Qatar0.30China0.29Argentina0.28Colombia-0.09Mexico-0.15Russia-0.69Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorireasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuraarisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationinthTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsMemberCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataananyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOmodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingproUSBrazilGuyanaCanadaNorwayKazakhstanQatarChinaArgentinaColombia-10123453.91.20.80.50.40.30.30.30.3-0.1mb/dorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasameanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstWorldOilOutlook,theOPECSecretariatmakesnowarrantiesoresponsibilityforanyinaccuracy,errororomission,orforanylossordamagelyingontheinformationintheWorldOilOutlook.ssarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECeandpresentationofdataandothermaterials,donotimplytheexpressionoftatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingornylegalopinionsorhavingprobativelegalvalueinanyproceedings.QatarChinaArgentinaColombiaMexicoRussia0.30.30.3-0.1-0.1-0.7Figure4.3Globalupstreamcapitalexpenditure(oilonly)$(2022)billion,mb/dSource:RystadEnergy,OPECDatafileisnotavailableforthisfigureTotalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformafrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchtheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentatinoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattribtheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsdesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donoand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningthpetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicehmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuresnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingonessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitsterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orFigure4.4USproducercostindices(January2010=100)Source:USBureauofLaborStatisticsJan10Feb10Mar10Apr10May10Oilandgasfieldmachineryandequipment100.00100.2099.72100.00100.04Supportactivitiesforoilandgasoperations100.00100.00100.85101.31101.48Drillingoilandgaswells100.00101.44101.57101.63101.73Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorieffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmrelevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylosanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oroexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinJun10Jul10Aug10Sep10Oct10Nov10Dec10Jan11Feb11Mar11Apr11May11100.1699.9699.96100.12100.2499.84100.49100.65100.97101.01101.66102.03101.99102.17101.37101.65103.36101.42103.59104.05105.98104.44106.95108.21102.34105.31105.06107.20107.46108.26109.60111.62111.94112.19113.44114.46WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasaismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoOutlook.cessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionnycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,othingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalorhavingprobativelegalvalueinanyproceedings.201020112012201320142015201620172018201920202021202290100110120130140150OilandgasfieldmachineryandequipmentSupportactivitiesforoilandgasoperationsDrillingoilandgaswellsJun11Jul11Aug11Sep11Oct11Nov11Dec11Jan12Feb12Mar12Apr12May12103.12103.44103.48103.77103.77103.81103.85104.29104.46104.66105.59105.71108.77109.86110.26110.09110.43110.77111.40111.45111.51111.68111.85111.85115.49117.28117.60118.62119.78120.38120.16120.67122.05124.35125.31125.792022erationsJun12Jul12Aug12Sep12Oct12Nov12Dec12Jan13Feb13Mar13Apr13May13105.87106.03106.08106.08106.08106.24106.24106.72106.76106.89106.93106.60111.85112.19111.97112.25112.48112.36111.74112.36112.02112.71113.16113.85126.02125.86126.40126.62126.66127.07126.98127.62130.21137.79138.21138.34Jun13Jul13Aug13Sep13Oct13Nov13Dec13Jan14Feb14Mar14Apr14May14106.60106.60106.76106.84106.97107.09107.21108.06108.71108.46108.34108.34113.45113.90114.02113.73114.64114.30114.42113.45113.85113.85112.82113.45140.83141.25141.54141.92142.40142.53142.85143.65145.98146.30146.11145.70Jun14Jul14Aug14Sep14Oct14Nov14Dec14Jan15Feb15Mar15Apr15May15108.38108.42108.46108.63108.55108.55108.67108.71108.51108.63108.59109.23113.45113.39113.39113.11113.22114.19114.07114.02113.85112.65111.62111.79145.76145.41145.57144.48143.94143.74139.14131.90131.26124.51122.66121.63Jun15Jul15Aug15Sep15Oct15Nov15Dec15Jan16Feb16Mar16Apr16May16109.19108.34108.30108.22108.22108.10108.10108.10108.02108.02107.90107.90111.74111.97112.71112.14111.97110.09111.00110.31110.43109.57111.62109.52120.42118.46117.09116.67115.78108.93107.68103.94103.36102.94102.34102.40Jun16Jul16Aug16Sep16Oct16Nov16Dec16Jan17Feb17Mar17Apr17May17107.90107.90107.41107.41107.41107.61107.61107.45107.49107.49107.53107.49109.52109.52109.34109.69109.69109.69109.69109.63109.63111.28111.00110.60101.86101.3499.4699.2096.7496.7096.8696.9099.87103.33103.36103.62Jun17Jul17Aug17Sep17Oct17Nov17Dec17Jan18Feb18Mar18Apr18May18107.49107.37107.37107.33107.70107.65107.65108.30108.26108.34108.34108.34110.60110.60110.31110.83111.00110.77110.94110.94111.05111.51111.74111.97104.03103.65105.28105.31105.18105.63106.34104.83105.25105.02105.28106.37Jun18Jul18Aug18Sep18Oct18Nov18Dec18Jan19Feb19Mar19Apr19May19108.26108.30108.75108.95108.95108.95108.91109.07110.21110.21110.21110.21111.51112.14112.08112.54112.65113.22113.39113.22113.79112.88112.25115.56106.78106.21106.14105.28106.85108.96109.12109.22108.74108.74108.70108.70Jun19Jul19Aug19Sep19Oct19Nov19Dec19Jan20Feb20Mar20Apr20May20110.29110.29110.29110.29109.36109.36109.36108.87108.91108.91109.15109.15113.05112.31111.34111.51111.85111.23111.23111.68110.94109.57107.58105.53108.83107.97107.07107.04106.69106.14106.11105.44104.38103.01101.1599.36Jun20Jul20Aug20Sep20Oct20Nov20Dec20Jan21Feb21Mar21Apr21May21109.15109.15109.15109.15109.48109.48109.48109.48109.40109.40109.40109.40105.07104.67103.99103.82102.51102.68102.17103.53104.22102.85105.13105.8799.3098.6998.8298.4099.1799.0198.8597.6099.2699.26100.06100.03Jun21Jul21Aug21Sep21Oct21Nov21Dec21Jan22Feb22Mar22Apr22May22110.90111.40111.63111.63112.29112.72112.98115.52115.57115.57115.57116.72107.12106.85107.67108.16109.47109.31111.09112.99112.92115.29115.18119.34102.14102.74103.68104.08104.44105.64108.74114.11115.28118.02118.23118.23Figure4.5Non-OPECliquidssupplyoutlookbyregionmb/dSource:OPEC202120272045OECDAmericas25.1629.4125.20Russia10.8010.1110.43LatinAmerica5.958.148.74China4.314.184.16OECDEurope3.763.724.07MiddleEast3.244.603.75OtherEurasia3.053.283.32OtherAsia2.412.211.84Africa1.341.701.57India0.770.820.82OECDAsia-Pacific0.510.600.42Processinggains2.292.653.17Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorireasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECStoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomissioorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oroexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookslegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalva05101520253035mb/dOilOutlookisforinformationalpurposesonlyandisneitherintendedasanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsasccuracy,errororomission,orforanylossordamagearisinginconnectionwithWorldOilOutlook.yreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberationofdataandothermaterials,donotimplytheexpressionofanyopiniontry,territoryorarea,orofitsauthorities,orconcerningtheexploration,ntheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganyhavingprobativelegalvalueinanyproceedings.202120272045Figure4.6UStotalliquidssupplyoutlookmb/dSource:OPEC200020012002200320042005200620072008200920102011GoMcrude1.431.541.561.541.461.281.291.281.161.561.551.32Alaskacrude0.970.960.990.970.910.860.740.720.680.650.600.56Othercrude3.012.902.822.762.682.622.612.602.592.502.492.49Tightcrude0.410.400.390.380.390.420.440.470.570.650.841.31ConventionalNGLs1.691.611.611.441.511.391.381.361.261.281.321.32UnconventionalNGLs0.220.260.270.280.300.320.360.420.530.630.750.89Biofuels0.110.120.140.180.220.260.330.450.640.750.890.97Otherliquids0.270.270.280.240.200.180.160.170.150.160.200.20Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttabenchmarkofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedinthSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresenmaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerninterritoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetrNothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,trexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.20002005201020152020024681012141618202224TightcrudeUnconventionalNGLsGoMcrudeBiofuelsOtherliquidsmb/d2012201320142015201620172018201920202021202220232024202520262027202820291.271.261.401.521.601.681.761.901.641.701.771.861.801.821.871.901.891.870.530.520.500.480.490.500.480.470.450.440.430.420.390.390.420.420.390.362.562.642.752.622.292.172.132.081.801.751.671.581.461.361.261.171.081.012.173.094.154.834.475.016.577.847.397.308.198.909.6410.1410.3710.4810.5310.491.301.221.211.041.000.960.970.991.091.121.101.040.990.980.970.960.940.911.101.381.802.302.512.823.403.834.094.284.705.125.315.415.465.525.605.710.920.951.021.051.101.131.171.141.021.091.121.161.171.181.181.191.201.210.210.220.220.240.170.130.180.210.120.080.050.050.050.050.060.060.060.07dOilOutlookisforinformationalpurposesonlyandisrofessional;norismeanttobeabenchmarkorinputdatatonformationcontainedintheWorldOilOutlook,theOPECness,andassumesnoliabilityorresponsibilityforanyanyactionordecisiontakenasaresultofusingorrelyingrilyreflecttheviewsofitsgoverningbodiesand/orok,andtheuseandpresentationofdataandotheremberCountriesconcerningthelegalstatusofanycountry,gandutilizationofitspetroleumorotherenergyresources.nsunderanyagreement,treaty,laworothertexts;or0102015202020252030203520402045ventionalNGLsGoMcrudeAlaskacrudeOthercrudeConventionalNGLsiquids20302031203220332034203520362037203820392040204120422043204420451.821.781.741.701.661.631.601.571.541.521.501.481.461.441.431.410.340.310.290.280.270.260.250.240.230.220.210.200.200.190.190.180.940.870.810.760.710.660.620.580.540.510.480.450.420.400.380.3610.3010.099.889.679.459.239.008.778.548.318.087.847.617.377.146.910.890.870.850.820.800.790.770.750.740.720.710.700.690.670.660.635.775.825.875.935.976.016.036.076.096.126.146.166.176.196.216.241.221.231.241.261.271.281.291.311.321.331.341.361.371.381.391.410.070.070.080.080.080.090.070.070.080.080.080.080.080.080.090.09Figure4.7Canadatotalliquidssupplyoutlookmb/dSource:OPEC201920202021202220232024202520262027202820292030Conventionalcrude0.910.850.840.870.900.830.800.780.720.720.710.70Tightcrude0.400.350.340.350.360.370.380.390.400.400.410.41ConventionalNGLs0.550.560.530.570.610.590.590.590.540.530.510.54UnconventionalNGLs0.570.540.590.590.580.630.660.660.690.700.700.70Biofuels0.040.040.040.040.040.040.040.040.040.040.040.05Oilsands2.952.833.103.213.313.353.393.443.503.563.623.67Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoaintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheeCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagprobativelegalvalueinanyproceedings.20192021202320252027202901234567ConventionalcrudeTightcrudeConventimb/d2031203220332034203520362037203820392040204120422043204420450.700.690.640.600.560.530.500.470.440.410.390.370.350.330.320.410.410.410.410.400.400.390.390.380.380.370.360.360.350.350.560.560.560.560.580.580.570.570.570.570.570.570.580.580.580.700.700.700.700.700.700.700.700.700.700.700.700.700.700.700.050.050.050.050.050.050.050.050.060.060.060.060.060.060.063.713.763.813.863.903.953.994.044.084.134.174.214.264.304.34dOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromnputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretherrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityonwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationrilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberrningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhaving02320252027202920312033203520372039204120432045crudeTightcrudeConventionalNGLsUnconventionalNGLsBiofuelsOilsandsFigure4.8Mexicototalliquidssupplyoutlookmb/dSource:OPEC200020012002200320042005200620072008200920102011Crude3.013.133.183.373.383.333.263.082.802.602.582.55NGLsandotherliquids0.440.440.420.430.450.440.440.400.370.380.380.39Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanytheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheeCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagprobativelegalvalueinanyproceedings.20002005201020150.00.51.01.52.02.53.03.54.04.5mb/d2012201320142015201620172018201920202021202220232024202520262027202820292.552.522.432.272.151.951.811.681.661.661.691.601.521.441.421.441.431.420.370.370.370.330.310.280.260.250.270.290.290.280.330.350.350.360.380.40OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationinlyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhaving520102015202020252030203520402045CrudeNGLsandotherliquids20302031203220332034203520362037203820392040204120422043204420451.411.391.381.371.351.341.331.321.311.301.301.291.281.271.271.260.390.400.420.430.430.430.430.430.430.430.420.410.400.390.380.36Figure4.9Norwaytotalliquidssupplyoutlookmb/dSource:OPEC200020012002200320042005200620072008200920102011Crude3.183.122.992.852.802.552.352.212.111.981.801.68NGLsandotherliquids0.140.300.340.410.390.420.420.340.360.370.340.36Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanytheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheeCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagprobativelegalvalueinanyproceedings.20002005201020152020202520300.00.51.01.52.02.53.03.54.0Crudemb/d2012201320142015201620172018201920202021202220232024202520262027202820291.531.461.511.571.611.591.491.411.691.771.792.002.062.122.152.172.172.170.380.370.380.380.380.380.360.330.310.260.260.290.290.290.270.260.250.24OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationinlyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhaving202020252030203520402045CrudeNGLsandotherliquids20302031203220332034203520362037203820392040204120422043204420452.142.112.082.052.022.001.971.941.911.881.861.831.801.781.751.730.220.220.220.210.210.210.200.200.190.190.190.180.180.170.170.16Figure4.10UKtotalliquidssupplyoutlookmb/dSource:OPEC201520162017201820192020202120222023202420252026Crude0.880.910.890.981.010.930.790.820.820.770.730.70NGLs0.080.100.110.110.100.100.080.080.080.090.080.08Biofuels0.020.010.010.020.030.030.020.020.020.020.020.02Otherliquids0.010.020.020.020.010.010.020.020.020.020.020.02Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributainformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsdesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donoand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningthpetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.201520202025-0.10.00.10.20.30.40.50.60.70.80.91.01.11.2Crudemb/d2027202820292030203120322033203420352036203720382039204020412042204320440.720.750.740.730.710.690.680.660.650.640.630.620.610.600.590.580.580.570.080.080.080.080.080.080.080.080.080.080.080.080.080.080.080.080.080.080.030.030.030.030.030.040.040.040.040.040.050.050.050.050.050.060.060.060.020.020.020.030.030.030.030.030.030.040.040.040.040.040.040.040.040.05rldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromrinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensurethewarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingonthesarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thetaandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitsrpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;or202020252030203520402045CrudeNGLsBiofuelsOtherliquids20450.560.080.060.05Figure4.11Braziltotalliquidssupplyoutlookmb/dSource:OPEC2000200120022003200420052006200720082009Crude1.231.291.451.501.481.631.721.751.811.95NGLs0.040.040.040.060.060.080.090.080.090.08Fuelethanolandotherliquids0.180.190.200.210.230.240.290.350.440.44Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformafinance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykincontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceerrororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresuTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,reintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawproceedings.200020052010201520123456CrudeNGLsFuelethanolandmb/d2010201120122013201420152016201720182019202020212022202320242025202620272.052.112.062.022.252.442.512.622.592.792.942.913.033.193.383.613.743.940.080.090.090.090.090.090.100.110.110.100.100.090.090.100.100.110.110.110.480.410.420.490.510.550.520.520.620.670.630.600.620.660.670.680.690.70orldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,atatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,onordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.ssarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationofmaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.Nothingderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinany00520102015202020252030203520402045eNGLsFuelethanolandotherliquids2028202920302031203220332034203520362037203820392040204120422043204420454.074.124.094.064.044.013.993.973.963.943.923.913.903.893.873.863.863.850.110.120.120.120.120.120.120.120.130.130.130.130.130.130.130.140.140.140.710.720.730.740.760.770.780.790.800.810.820.830.830.830.830.830.830.83Figure4.12Guyanatotalliquidssupplyoutlookmb/dSource:OPEC20202021202220232024202520262027202820292030203120322033Totalliquids0.070.110.210.340.380.510.680.921.051.211.291.371.441.50Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatbeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagedecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,ororefining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstranyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.20202025203020352040.00.20.40.60.81.01.21.41.61.8Totalliquidsmb/d2034203520362037203820392040204120422043204420451.561.561.551.551.541.531.521.511.501.491.481.47OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshaveecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorrforanylossordamagearisinginconnectionwithorattributabletoanyactionoryreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberationofdataandothermaterials,donotimplytheexpressionofanyopinionntry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,ilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderalueinanyproceedings.203520402045TotalliquidsFigure4.13LatinAmericatotalliquidssupplyoutlookmb/dSource:OPECLatinAmericaotherincludesBolivia,Cuba,Peru,Trinidad&Tobagoandsmallerproducers,butexcludesOPECMemberVene200020012002200320042005200620072008200920102011Argentina0.820.860.840.840.800.780.770.770.780.750.750.71Brazil1.451.531.701.761.771.952.102.182.332.472.622.60Colombia0.690.610.580.550.540.530.540.540.600.680.800.93Ecuador0.400.400.380.410.520.540.540.510.500.470.480.51Guyana0.000.000.000.000.000.000.000.000.000.000.000.00LatinAmericaother0.360.360.370.400.410.470.440.430.430.440.460.44Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarktheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordeciOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagprobativelegalvalueinanyproceedings.20002005201020152012345678910ArgentinaBrazilColombiamb/dexcludesOPECMemberVenezuela2012201320142015201620172018201920202021202220232024202520262027202820290.710.690.720.700.690.670.690.710.650.680.740.790.840.880.930.960.991.022.572.602.863.083.123.253.323.563.673.603.753.954.164.404.534.754.894.950.971.031.011.030.910.880.890.910.800.760.740.730.710.700.680.670.660.640.510.530.560.550.560.540.530.540.480.480.480.480.480.470.460.460.450.450.000.000.000.000.000.000.000.000.070.110.210.340.380.510.680.921.051.210.430.450.450.420.380.380.370.370.340.320.330.320.330.330.350.380.400.42rldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromrinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyofrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilitybutabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilsarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationofaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMembercerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhaving0520102015202020252030203520402045ntinaBrazilColombiaEcuadorGuyanaLatinAmericaother20302031203220332034203520362037203820392040204120422043204420451.051.081.101.121.141.161.171.181.191.191.191.201.211.211.221.234.944.924.914.904.894.894.884.884.874.874.864.854.844.834.834.820.630.610.600.590.570.560.540.530.520.500.490.470.460.450.430.420.440.430.430.420.420.410.400.400.390.390.380.370.370.360.360.351.291.371.441.501.561.561.551.551.541.531.521.511.501.491.481.470.440.450.450.450.460.460.460.460.470.470.470.470.460.460.460.46Figure4.14Africatotalliquidssupplyoutlookmb/dSource:OPECAfricaotherincludesCameroon,Senegal,Tunisia,Ugandaandsmallerproducers,butexcludesAfricanOPECproducers200020012002200320042005200620072008200920102011Chad0.000.000.000.020.160.180.150.150.130.120.120.12Egypt0.800.760.750.750.710.700.670.670.700.690.710.71SouthAfrica0.160.170.170.170.190.190.180.180.180.170.170.17Sudan/SouthSudan0.180.210.240.270.290.290.360.480.460.480.460.43Ghana0.010.010.010.010.010.010.010.010.010.010.010.07Africaother0.220.190.190.180.190.210.270.260.260.240.220.20Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformafinance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykincontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceerrororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresuTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,retheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawoproceedings.200020052010201520200.00.20.40.60.81.01.21.41.61.82.0ChadEgyptGhanaSouthmb/dAfricanOPECproducers2012201320142015201620172018201920202021202220232024202520262027202820290.120.110.100.130.130.120.130.120.110.100.100.120.110.110.110.110.110.110.710.710.710.720.690.660.670.650.620.590.580.600.600.600.600.600.600.600.170.170.150.120.120.120.100.100.090.100.100.100.100.100.100.100.100.100.120.230.290.280.250.220.220.240.230.220.210.200.200.200.210.220.230.240.070.100.100.100.090.150.170.200.180.160.150.150.140.170.190.190.190.200.200.200.190.210.210.210.190.190.180.180.170.180.210.310.410.470.530.53rldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,tatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,nordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.sarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationofaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountrieseexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.Nothinginanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinany20102015202020252030203520402045gyptGhanaSouthAfricaSudan/SouthSudanAfricaother20302031203220332034203520362037203820392040204120422043204420450.110.100.100.100.100.100.100.090.090.090.090.090.090.080.080.080.600.600.590.590.590.590.580.580.580.570.570.570.560.560.560.560.100.100.100.100.100.100.100.100.100.100.100.100.100.100.100.100.250.250.250.250.250.250.250.250.250.250.250.250.250.250.250.250.200.190.190.180.170.170.160.160.150.150.140.140.130.130.120.120.530.530.530.520.520.510.510.500.500.490.490.490.480.480.470.47Figure4.15Chinatotalliquidssupplyoutlookmb/dSource:OPEC20152016201720182019202020212022202320242025Crude4.293.993.823.793.833.893.994.134.154.234.21NGLs0.000.010.010.010.010.010.020.020.030.040.04Biofuels0.040.050.080.120.150.190.220.220.200.210.23Otherliquids0.060.050.070.070.070.070.080.080.100.130.15Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatterritoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetrmodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingpro2015202020123456mb/d202620272028202920302031203220332034203520362037203820392040204120424.164.114.054.003.953.903.853.813.763.723.683.643.613.573.543.513.470.050.060.060.070.070.080.080.080.080.080.080.080.080.080.080.080.090.240.250.260.270.290.300.320.320.330.330.330.340.340.350.350.350.360.170.190.200.210.220.220.230.240.250.260.270.280.290.300.310.310.31WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisingintheinformationintheWorldOilOutlook.essarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,etingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingornylegalopinionsorhavingprobativelegalvalueinanyproceedings.015202020252030203520402045CrudeNGLsBiofuelsOtherliquidsb/d2043204420453.443.423.390.090.090.090.360.370.370.310.310.31siness,finance,investmentntheWorldOilOutlook,therdamagearisinginfgeographicalentitiesinthestatusofanycountry,struedasinterpretingorFigure4.16Russiatotalliquidssupplyoutlookmb/dSource:OPEC20152016201720182019202020212022202320242025Conventionalcrude10.1010.2910.2010.3810.479.459.619.429.199.008.92Tightcrude0.010.010.010.010.010.010.010.030.050.070.09TotalNGLs0.850.941.121.131.131.131.181.181.191.161.15Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatterritoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetrmodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingpro201520202025203002468101214Conventionalmb/d202620272028202920302031203220332034203520362037203820392040204120428.878.838.888.938.999.039.059.059.049.039.018.998.978.958.938.918.890.110.130.150.170.180.190.190.200.210.220.230.230.240.250.260.270.271.131.151.161.161.191.211.241.241.241.261.271.281.301.301.311.311.32WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisingintheinformationintheWorldOilOutlook.essarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,etingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingornylegalopinionsorhavingprobativelegalvalueinanyproceedings.20252030203520402045ConventionalcrudeTightcrudeTotalNGLs2043204420458.868.838.810.280.290.301.321.321.33siness,finance,investmentntheWorldOilOutlook,therdamagearisinginfgeographicalentitiesinthestatusofanycountry,struedasinterpretingorFigure4.17Kazakhstantotalliquidssupplyoutlookmb/dSource:OPEC201520162017201820192020202120222023202420252026202720282029Crude1.341.321.471.561.591.471.491.591.631.711.711.711.761.821.86NGLs0.350.340.370.360.340.360.350.370.380.380.380.390.390.390.39Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisionTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,reintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawanyproceedings.20152020202520300.00.51.01.52.02.53.0CrudeNGLsmb/d20302031203220332034203520362037203820392040204120422043204420451.881.911.931.961.982.012.032.072.052.042.032.032.032.032.042.040.400.400.400.400.400.400.400.410.410.410.410.420.420.420.420.43OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforetoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.ilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationofrials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesxploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.Nothinganyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvaluein2030203520402045Box4.1Figure1Historicalglobalgrowthofnon-crude-liquids(excludingNGLs)mb/dSource:OPEC2000200120022003200420052006Biofuels0.310.340.380.450.530.600.78Canadianoilsands0.610.660.740.860.990.991.13GTL0.040.040.040.040.050.050.05CTL0.120.120.130.130.130.130.13Other0.510.510.520.440.450.400.37Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheeCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagprobativelegalvalueinanyproceedings.20002001200220032004200520062007200820092010201234567BiofuelsCanadiaCTLOthermb/d2007200820092010201120122013201420151.021.391.571.791.841.821.972.132.171.191.201.331.471.611.801.952.172.370.050.070.070.070.100.170.200.220.210.130.130.140.140.150.160.160.140.130.400.360.390.440.480.520.510.480.52ilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefromutdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorhorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Thedesignationerials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberngtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhaving052006200720082009201020112012201320142015201620172018201920202021BiofuelsCanadianoilsandsGTLCTLOther2016201720182019202020212.232.312.532.592.422.482.412.672.912.952.833.100.190.160.190.200.220.230.140.170.200.230.260.290.430.410.490.520.480.44Figure4.18Globaltightoilsupplyoutlookmb/dSource:OPEC2010201120122013201420152016201720182019202020212022US1.592.203.284.475.957.136.987.839.9611.6811.4711.5812.89Canada0.170.270.390.480.570.620.650.740.890.960.890.930.94Russia0.010.010.010.010.010.010.010.010.010.020.020.020.03Argentina0.000.000.010.010.030.030.050.050.080.110.140.170.19Other0.000.000.000.000.000.000.000.010.010.020.050.070.08Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformanorismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuritsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,informationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.2010202468101214161820USCmb/d202320242025202620272028202920302031203220332034203520362037203814.0214.9515.5415.8316.0016.1216.2016.0615.9215.7515.6015.4215.2315.0414.8414.640.951.011.041.051.091.101.111.111.111.111.111.111.101.101.091.090.050.050.070.080.110.130.140.160.180.190.200.210.220.230.250.260.240.290.340.390.430.470.510.550.580.610.640.660.690.710.730.740.090.100.120.140.160.180.190.200.200.210.210.210.220.220.230.23dOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsushavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantieccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWosoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,ces.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,la2010201520202025203020352040204502468101214161820USCanadaRussiaArgentinaOthermb/d203920402041204220432044204514.4314.2114.0013.7813.5613.3513.151.081.081.071.061.061.051.050.270.280.290.300.310.320.330.750.760.770.770.780.780.780.230.240.240.250.250.250.26ess,finance,investmentconsultantorotherprofessional;ecretariatmakesnowarrantiesorrepresentationsastoordecisiontakenasaresultofusingorrelyingonthegeographicalentitiesintheWorldOilOutlook,andtheyorarea,orofitsauthorities,orconcerningthenderanyagreement,treaty,laworothertexts;orFigure4.19USoilrigcountandcrudeoilproductioncount,mb/dSource:GE/BakerHughes,EIA04Jan1911Jan1918Jan1925Jan1901Feb1908Feb19Niobrara313131313131EagleFord717173727274Bakken565656585858Permian487488481484481478Other232227211217205213USCrudeoilproduction(RHS)11.711.911.911.911.911.9Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnowithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorlegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalva01002003004005006007008009001000NiobraraEagleFordOtherUSCrudeoilproduction(RHSrigcount15Feb1922Feb1901Mar1908Mar1915Mar1922Mar1929Mar1905Apr1912Apr193132313131312930307474747374746969685757565356576061614734734664654644594544624642222172162122082032042092101212.112.11212.112.112.212.212.1OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentnykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,thensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionintheWorldOilOutlook.rilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheessionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryzationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganyrhavingprobativelegalvalueinanyproceedings.9.09.510.010.511.011.512.012.513.013.514.0EagleFordBakkenPermianUSCrudeoilproduction(RHS)mb/d19Apr1926Apr1903May1910May1917May1924May1931May1907Jun1914Jun1929282929302828282868656666666768666561585756565757565646346045945745445145244644120419419619719619419519319812.212.312.212.112.212.312.412.312.2usiness,finance,investmentintheWorldOilOutlook,theordamagearisinginconnectionofgeographicalentitiesinthestatusofanycountry,territoryasinterpretingormodifyingany21Jun1928Jun1905Jul1912Jul1919Jul1926Jul1902Aug1909Aug1916Aug1923Aug1928262627272929293025656464605857575758585655555555474747484843944144343744044344244444143420120720020519920019518719318912.112.212.31211.312.212.312.312.312.530Aug1906Sep1913Sep1920Sep1927Sep1904Oct1911Oct1918Oct1925Oct1901Nov1923232223222121222222585958565650505255555154555353555555535342942741941741441542142241741618117517917016816916516214914512.412.412.412.512.412.612.612.612.612.608Nov1915Nov1922Nov1929Nov1906Dec1913Dec1920Dec1927Dec1903Jan2010Jan2022212221212020202019535355545454646464645251515152525152525141240840540439939941440540339714514113813813714213613613112812.812.812.912.912.812.812.912.912.91317Jan2024Jan2031Jan2007Feb2014Feb2021Feb2028Feb2006Mar2013Mar2020Mar20191920202019202020206667686767676565656453535353535353525251403405406405408409411415418405132132128131130131129130128124131312.913131313.11313.11327Mar2003Apr2010Apr2017Apr2024Apr2001May2008May2015May2022May201918161615777560554940332926232149434134272620161438235131628324621919817516211495826557444137351312.412.312.212.111.911.611.511.429May2005Jun2012Jun2019Jun2026Jun2003Jul2010Jul2017Jul2024Jul2031Jul2055554444442112121010108101211121211101010101010111481411371321311261251241261243636343233353432293011.211.110.51111111111.111.11107Aug2014Aug2021Aug2028Aug2004Sep2011Sep2018Sep2025Sep2002Oct2009Oct2044444444441010999991111121111101099101011111211161261241241221211231281293031343335363535353710.710.710.89.71010.910.710.71110.516Oct2023Oct2030Oct2006Nov2013Nov2020Nov2027Nov2004Dec2011Dec2018Dec2033333346761516171919192223262512121212121111111111129132141146153155160163168173464848464943444346489.911.110.510.510.91111.111.1111125Dec2001Jan2108Jan2115Jan2122Jan2129Jan2105Feb2112Feb2119Feb2126Feb2155577777772525252727262628282811111110111212131414173175179189188192198203203207505155545658565553531111111110.910.91110.89.71005Mar2112Mar2119Mar2126Mar2102Apr2109Apr2116Apr2123Apr2130Apr2177777777728283029313232323313121314141415151521021121622122322322622522252515253626164646510.910.91111.110.9111110.910.907May2114May2121May2128May2104Jun2111Jun2118Jun2125Jun2102Jul2109Jul2177766699111131313031323231313131151616161616171718182272292302322322362372362372376469737473757979798111111110.81111.211.111.111.311.416Jul2123Jul2130Jul2106Aug2113Aug2120Aug2127Aug2103Sep2110Sep2117Sep211111111212121212121229292929323232323134181819192323232323232372422432432452462482492532588587838486929578828411.411.211.211.311.411.411.51010.110.624Sep2101Oct2108Oct2115Oct2122Oct2129Oct2105Nov2112Nov2119Nov2126Nov2112121212111212121111353536383838373837372323232323242424242725926226526626726627127127828092969710610410410610911111211.111.311.411.311.311.511.511.411.511.603Dec2110Dec2117Dec2124Dec2131Dec2107Jan2214Jan2221Jan2228Jan2204Feb2211111111111212121212373838383838434343422727272727272727273128328628829429329229329229329410910911111011111211711712011811.711.711.611.811.811.711.711.611.511.611Feb2218Feb2225Feb2204Mar2211Mar2218Mar2225Mar2201Apr2208Apr2212141414141414141547454545474648474833333333333233323330130630931031631531832233112312212111711711711811811911.611.611.611.611.611.611.711.811.815Apr2222Apr2229Apr2206May2213May2220May2227May2203Jun2210Jun2215151515151516151551515252535657575933353636373737373733333333433433434234134134411611511512012412612312412511.911.911.911.811.911.911.911.91217Jun2224Jun2201Jul2208Jul2215Jul2222Jul2229Jul2205Aug2212Aug2219Aug221516161616161617171760626060606163636363373737373737373839393443483483493483463483443433421281311341351381391411361391401212.112.11211.912.112.112.212.11226Aug2202Sep2217176364394134433714213712.112.1Figure4.20EvolutionofUStightoilwellheadbreakevenpricesbybasin$/bSource:RystadEnergyDatafileisnotavailableforthisfigureTotalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinfointendedasasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobebenchmarkofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedinSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationtheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexhavingprobativelegalvalueinanyproceedings.rldOilOutlookisforinformationalpurposesonlyandisneithersional;norismeanttobeabenchmarkorinputdatatoanformationcontainedintheWorldOilOutlook,theOPECeness,andassumesnoliabilityorresponsibilityforanytoanyactionordecisiontakenasaresultofusingorrelyingonsarilyreflecttheviewsofitsgoverningbodiesand/orindividualheuseandpresentationofdataandothermaterials,donotimplyerningthelegalstatusofanycountry,territoryorarea,orofitsetroleumorotherenergyresources.NothingintheWorldOilt,treaty,laworothertexts;orexpressinganylegalopinionsorFigure4.21UStightoilsupplyoutlookmb/dSource:OPEC201020112012201320142015201620172018201920202021Permian0.230.320.470.630.901.171.371.852.863.753.924.15Bakken0.270.380.640.851.081.181.021.061.251.421.181.11EagleFord0.030.210.560.971.371.501.181.091.181.241.050.96Niobrara0.050.070.100.150.230.310.300.350.460.530.470.41Other0.260.320.400.490.570.660.600.660.810.900.760.67UnconventionalNGLs0.750.891.101.381.802.302.512.823.403.834.094.28Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorieffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmrelevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylosanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oroexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvaluein20152020024681012141618PermianBakkenmb/d2022202320242025202620272028202920302031203220332034203520362037203820394.895.476.126.526.726.826.876.906.786.656.516.386.246.095.955.805.655.511.121.141.181.221.231.241.241.211.191.161.141.111.091.061.041.020.990.971.001.041.101.161.171.181.191.171.151.121.101.071.041.010.980.950.910.880.460.490.490.500.510.510.500.490.480.470.460.440.430.420.400.390.370.360.720.760.750.740.740.730.720.720.700.690.680.670.660.650.640.620.610.604.705.125.315.415.465.525.605.715.775.825.875.935.976.016.036.076.096.12dOilOutlookisforinformationalpurposesonlyandisneitherintendedasaanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableok,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,oromission,orforanylossordamagearisinginconnectionwithorattributabletook.rilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberntationofdataandothermaterials,donotimplytheexpressionofanyopinionuntry,territoryorarea,orofitsauthorities,orconcerningtheexploration,intheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalingprobativelegalvalueinanyproceedings.20152020202520302035204020450246802468PermianBakkenEagleFordNiobraraOtherUnconventionalNGLsb/d2040204120422043204420455.365.205.054.904.754.600.950.930.910.890.870.850.850.810.780.740.710.670.340.320.310.290.280.260.590.570.560.550.530.526.146.166.176.196.216.24Figure4.22OPECtotalliquidssupplymb/dSource:OPEC201920202021202220232024202520262027OPECtotalliquidssupply34.5830.8831.6335.9636.3436.3436.0835.9335.65Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismbenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyofthecontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevancecomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagewithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketinganpetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganyleganyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.201920212023202520272029203120332035203727293133353739414345mb/d202820292030203120322033203420352036203720382039204020412042204335.6035.6736.0536.5136.9637.4337.8638.3238.7839.1939.6240.0340.4540.8741.2541.62orldOilOutlookisforinformationalpurposesonlyorotherprofessional;norismeanttobeatoensuretheaccuracyoftheinformationsastoitsaccuracy,relevanceoron,orforanylossordamagearisinginconnectiontionintheWorldOilOutlook.ssarilyreflecttheviewsofitsgoverningbodiesdOilOutlook,andtheuseandpresentationofdataand/oritsMemberCountriesconcerningthelegaltation,refining,marketingandutilizationofitserpretingormodifyinganylegalobligationsundergalvalueinanyproceedings.9203120332035203720392041204320452044204542.0042.35Figure4.23Cumulativeoil-relatedinvestmentrequirementsbysector,2022-2045$(2022)trillionSource:OPECUpstream9.47Downstream1.56Midstream1.02Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformafrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepreassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsdesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donoOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyingaorexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.9.51.61.0$(2022)trillionldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicearkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetomakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andgearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorsarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.Theaandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofrofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationsinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;9.51.0UpstreamDownstreamMidstreamFigure4.24Annualupstreaminvestmentrequirementsforcapacityadditions,2022-2045$(2022)billionSource:OPECRestoftheWorldOPECNorthAmericaWOO2021202295.9334.39241.42348.322023103.1833.70247.42356.662024109.4733.70253.42365.212025117.0534.74258.42376.432026119.9036.82263.42385.052027121.1638.13262.08391.022028123.2440.71259.75395.742029124.4041.59254.52396.272030126.0244.07246.97393.542031125.9746.56239.43388.132032126.0749.04231.89381.242033126.0351.53224.35376.522034127.0454.01214.15371.602035128.6256.50208.48369.052036129.4358.00201.30364.182037130.8959.51197.15362.212038132.3161.02190.81359.262039133.2362.52184.43358.352040134.3664.03179.73357.212041135.5665.53175.77357.212042137.7266.59172.80356.532043139.0467.65169.47356.352044140.4168.70165.68355.752045141.8369.76161.87355.35Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaintendedasasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabbenchmarkofanykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresendonotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorottheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawolegalopinionsorhavingprobativelegalvalueinanyproceedings.050100150200250300350400450RestoftheW$(2022)billion$(2021)billion$(2021)billion$(2021)billionOilOutlookisforinformationalpurposesonlyandisneithernal;norismeanttobeabenchmarkorinputdatatoaormationcontainedintheWorldOilOutlook,theOPECess,andassumesnoliabilityorresponsibilityforanyanyactionordecisiontakenasaresultofusingorrelyingrilyreflecttheviewsofitsgoverningbodiesand/ork,andtheuseandpresentationofdataandothermaterials,ntriesconcerningthelegalstatusofanycountry,territoryortionofitspetroleumorotherenergyresources.Nothinginyagreement,treaty,laworothertexts;orexpressingany050100150200250300350400450RestoftheWorldOPECNorthAmericaWOO2021$(2022)billion2021)billion2021)billion2021)billion