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OIL: Russia Doesn’t Want to Flood Oil Market: Sorokin

OIL
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Russia will coordinate its production levels with OPEC+ and “doesn’t aim to flood the market,” according to First Deputy Energy Minister Pavel Sorokin.

  • Global oil demand has “significant” potential for growth through 2050.  Growth of at least 5m-7mb/d, or about 4.5%-5.5% from current oil consumption is expected by 2030 and at least a further 5% growth by 2050.
  • Russia has an oil output target of 540m metric tons although production costs are set to increase as more oil will be harder to extract. Russia’s crude oil and condensate output was 530.6m tons in 2023.
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Russia will coordinate its production levels with OPEC+ and “doesn’t aim to flood the market,” according to First Deputy Energy Minister Pavel Sorokin.

  • Global oil demand has “significant” potential for growth through 2050.  Growth of at least 5m-7mb/d, or about 4.5%-5.5% from current oil consumption is expected by 2030 and at least a further 5% growth by 2050.
  • Russia has an oil output target of 540m metric tons although production costs are set to increase as more oil will be harder to extract. Russia’s crude oil and condensate output was 530.6m tons in 2023.