Russia expects “serious” growth potential in global oil demand through to 2050 and is ready to supply additional barrels, its Deputy Energy Minister Pavel said.

Sorokin said that Russia did not want to flood the market if there is no need, adding that production costs are set to increase as more oil will be harder to extract.

Vedomosti newspaper earlier this month reported that the energy ministry expected Russia to produce 540 million metric tons of oil in 2030 (10.8 million barrels per day), up from 531 million tons in 2023.

“That 540 million tons is a base scenario with a disclaimer, considering our cooperation with our OPEC+ partners and taking into consideration market needs,” Sorokin told the Russian energy week forum.

The ministry sees global oil demand growth of at least 5 million bpd to 7 million bpd, or 4.5%-5.5% higher than current consumption rates through to 2030, Sorokin said, adding growth is set to increase by at least 5% through to 2050.

Sorokin said rising demand will be met by the OPEC+ group of leading oil producers as well as the United States, the global leader, Canada and Brazil.

Source: Reuters