"Europe is expected to reduce its imports by some 1 mb/d in the period 2015–2040 due to lower demand and despite a decline in indigenous production," the outlook said.
The OPEC’s publication added that Russia remained the largest supplier of oil to Europe.
According to the outlook, US and Canadian exports will increase to two million barrels per day, while the states' imports will decrease to 3.5 million barrels per day by 2040.
The Middle East countries will remain the leading oil exporters and their export is expected to rise to 24 million barrels per day by 2040.
According to the outlook, in the medium-term perspective oil product supplies are expected to decrease, as the regions driven by the demand for oil will commission the new capabilities to refine oil, however, in the long-term period the supplies are expected to grow.
Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016.
In early October, prices reached some of the highest post-slump levels after late September's preliminary deal by OPEC states to set the cartel's output ceiling at 32.5-33 million barrels a day for the whole cartel in a bid to stem the price slump. Crude prices are currently fluctuating between $45 and $50 per barrel.
