Overview
- In its Current Policies Scenario, the IEA says global oil and gas demand does not peak before 2050.
- OPEC+ oil supply is projected to climb from about 50 million b/d in 2024 to 63 million b/d in 2050, with real oil revenues rising from $1.4 trillion to $2.5 trillion.
- The IEA expects Russia’s pipeline deliveries to China to double to roughly 80 bcm in 2035, with Power of Siberia at capacity and Power of Siberia‑2 ramping in the mid‑2030s.
- Russia’s total gas exports are seen holding near 160 bcm a year to 2035, including about 50 bcm a year of LNG.
- OPEC reports Russia lifted October oil output by 47,000 b/d to 9.382 million b/d yet stayed 99,000 b/d below its plan, while OPEC keeps demand growth at +1.3 million b/d in 2025 and +1.4 million b/d in 2026.