He added, "This will happen after production decreases from countries outside OPEC+ or outside OPEC. The U.S. production is expected to decrease by 2029-2030, as well as other countries," Reuters reported.

Al Ghais is in Vienna, the capital of Austria, where the 8th OPEC International Seminar is underway.

The two-day seminar started at the Hofburg Palace on Wednesday, bringing together representatives from top oil-exporting countries as well as chief executives from global energy majors. This year’s main theme of the event is "Towards a Sustainable and Inclusive Energy Transition".