2024-09-30 06:30:00
RUSSIAN OIL PRODUCTION 10.8 MBD
REUTERS - Sept 26, 2024 - Russia expects "serious" growth potential in global oil demand through to 2050 and is ready to supply additional barrels, its Deputy Energy Minister Pavel Sorokin said on Thursday.
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.
-----
Earlier:
2024, June, 26, 06:55:00
RUSSIAN OIL GAS REVENUES +50%
Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.
2024, June, 26, 06:50:00
RUSSIAN OIL FOR INDIA UP
That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.
2024, May, 14, 06:55:00
RUSSIAN OIL EXPORTS UP
Total Russian seaborne crude exports reached 3.9 million-4 million b/d in March and April, boosted by multi-month high shipments to India, and around the highest since Russia invaded Ukraine in February 2022.
2024, May, 8, 06:55:00
RUSSIAN OIL REVENUE UP TWICE
Proceeds for the Russian budget from oil-related taxes jumped to 1.053 trillion rubles ($11.5 billion) last month compared to nearly 497 billion rubles in April 2023, according to Bloomberg calculations based on Finance Ministry data. Total oil and gas revenues in April increased nearly 90% year-on-year, to 1.23 trillion rubles, according to the data.
2024, May, 3, 06:55:00
RUSSIAN OIL FOR INDIA ANEW
The acceptance of Sovcomflot tanker by the country’s largest refiner carries significance as it could embolden other smaller refiners to also use the Sovcomflot vessels for their oil purchases from Russia.
2024, April, 12, 06:35:00
RUSSIA'S REVENUE UP
Russia observed “sustained positive dynamics” in the flow of money to the federal budget, according to a Finance Ministry statement on Monday. Revenues for the three months through March amounted to 8.7 trillion rubles ($94 billion), an increase of 53.5% compared with the same period last year, data from the ministry showed.
2024, April, 8, 06:45:00
RUSSIAN OIL FOR INDIA
Russia, which prior to invading Ukraine had an insignificant role in India’s oil basket, has seen exports to India swell since the start of the war and consequent Western sanctions, becoming the country’s top supplier.
