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mn bpd by 2030, with non-OECD countries leading this demand. Middle East crude and condensate exports are likely to increase to all major importing regions, with more than 80% of Middle Eastern exports set to be shipped to the Asia-Pacific. trillion are required over the 2025–2050 period, mainly for the upstream sector.
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“These agreements represent progress against BP’s strategy to grow long-term shareholder value, contributing to its goal of growing its upstream business, as well as underlining BP’s continuing commitment to Azerbaijan,” BP continued.
Once considered a mature and declining conventional oil play at the start of the 21st century, the Permian has grown into a global energy giant, second only to Saudi Arabia in crude oil and condensate production. In 2025, crude and condensate output is projected to rise by 200,000 barrels per day (b/d), reaching 6.6 million b/d.
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