Thu Sep 26 14:00:00 UTC 2024: ## Russia Predicts Strong Oil Demand Growth, Ready to Provide Additional Crude
**MOSCOW** – Russia expects global oil demand to surge by at least 5% from current levels by 2050, with demand potentially reaching 7 million barrels per day (bpd) higher by 2030, according to Pavel Sorokin, Russia’s First Deputy Energy Minister.
Sorokin, speaking at an energy forum in Russia, stated that the country is prepared to supply additional crude volumes as needed to meet this growing demand. He predicts that by 2030, global oil consumption will rise by 5-7 million bpd, representing a 4.5-5.5% increase compared to present levels.
Russia itself aims to produce 540 million metric tons of oil, or 10.84 million bpd, by 2030, based on its baseline scenario. However, Sorokin emphasized that this would depend on Moscow’s commitments within the OPEC+ production agreement.
“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 said at the Russian Energy Week forum.
He further clarified that Russia would not “flood the market” unless required, but is also prepared to provide additional resources if necessary.
This optimistic outlook on oil demand aligns with predictions from OPEC+, with the organization expecting global oil demand to reach over 120 million bpd by 2050. In its latest World Oil Outlook, OPEC stated that global oil demand is expected to increase by almost 18 million bpd over the next two decades, rising from 102.2 million bpd in 2023 to 120.1 million bpd in 2050.
The report also emphasized that the idea of phasing out oil and gas is unrealistic and does not reflect current realities.
First Piper 