Westwood launched their Wells & Production Outlook 2023-2030. Analysis finds that liquids and gas production is set to reach 173 mmboepd by 2030, with 9% growth on 2022 levels. 

The Middle East and Americasare forecast to account for two thirds of output by 2030, but OPEC+ influence is still a strong determining factor.According to Ben Wilby, Senior Analyst: “The level of investment seen in the last few years will lead to a material increase in structural production capacity over the forecast. As a result, continued OPEC+ intervention will likely be required beyond 2024 to ensure a balanced market and for oil prices to remain at or above Saudi Arabia’s fiscal breakeven range.”

/Westwood Global Energy Group/