The new Russian energy plan appears to contradict statements coming out of Moscow as early as September 2024, when the country’s deputy energy minister, Pavel Sorokin, said Russia was anticipating significant growth in global oil demand through 2050 and was prepared to meet that rising demand. At the time, Sorokin also stressed that Russia will not saturate the market unless necessary. The Energy Ministry forecasts global oil demand to grow by at least 5-7 million barrels per day, a 4.5%-5.5% increase through 2030, with continued growth of at least 5% by 2050.
The Russian government has hit the country’s oil producers with sudden export restrictions in a move that Moscow declared is in response to the shortage of fuels on the domestic market and a jump in domestic fuel prices that the Kremlin wants to avoid.