A 52-year-old man with a 15-year history of chronic obstructive pulmonary disease (COPD) presents to the pulmonology clinic for routine follow-up. He has been living at sea level in Mumbai for the past 10 years. Spirometry shows FEV₁ 35% predicted (GOLD Stage 4). Arterial blood gas on room air: pH 7.36, PaCO₂ 52 mmHg, HCO₃⁻ 30 mEq/L, PaO₂ 62 mmHg. Hemoglobin 17.2 g/dL (elevated due to chronic hypoxia). His recent hemoglobin A1c is 5.8% (non-diabetic). Which of the following best describes the expected position of this patient's oxygen dissociation curve and its physiologic significance?