Overview
- Deputy Prime Minister Alexander Novak presented an official outlook projecting global oil demand rising from 105 million barrels per day in 2025 to 120 million by 2050.
- The presentation highlighted sector gains with motor transport demand increasing from 46 to 52 million barrels per day by 2050, while petrochemicals and aviation each add about 3 million barrels per day.
- Russia reported 2025 oil production of 511.5 million metric tons, crude exports of 238 million tons, and oil product exports of 114 million tons, with production projected to reach 540 million tons by 2035.
- Hard-to-recover reserves accounted for 63% of Russian output in 2025, up from 20% in 2010, with a projected rise to 87% by 2050.
- Novak said 80% of Russia’s 2025 oil exports went to China and India, Europe took 25 million tons versus 175 million previously, and Russian barrels were reportedly sold at more than $11 per barrel below Brent as India’s intake eased and China became the primary outlet.