AlGhais: OPEC’s market share will rise to 40% by 2040‎

Haitham Al-Ghais, Secretary-General of OPEC, said that OPEC’s market share will rise from 30% currently to more than 40% by 2040 to 2045, according to reports and studies of the organization and independent parties, with the decrease in production from countries outside the “OPEC” system. +” As it is expected that the production of the United States will decrease by 2029 and 2030, as well as other countries

Haitham Al-Ghais, Secretary-General of OPEC, said that OPEC’s market share will rise from 30% currently to more than 40% by 2040 to 2045, according to reports and studies of the organization and independent parties, with the decrease in production from countries outside the “OPEC” system. +” As it is expected that the production of the United States will decrease by 2029 and 2030, as well as other countries

Al-Ghais had revealed the organization’s aspiration to increase the number of member states, as the countries of Azerbaijan, Malaysia, Brunei and Mexico have been consulted so far to join the organization in a way that contributes to strengthening OPEC.

Al-Ghais said in remarks on the sidelines of the activities of the OPEC International Conference in Vienna, that consultations with new countries outside the organization contribute to strengthening the cohesion and strengthening of OPEC.

He pointed out that the organization does not aim to join a certain number of countries, but rather targets countries that have the same strategic orientation regarding preserving and stabilizing oil markets, according to the Emirates News Agency, WAM.