Overview
- Vice Prime Minister Alexander Novak said Russia expects 2025 oil production to be about 516 million tonnes, roughly matching 2024.
- Expert estimates cited by Novak project global oil demand to increase by 15–20 million barrels per day by 2050.
- Novak noted that world oil consumption has risen by more than 1 million barrels per day in each of the past two years.
- OPEC’s July outlook forecasts demand near 123 million barrels per day by 2050, or about 18.5% above 2024 levels.
- Novak called for coordinated efforts and capital investment to ensure supply and protect consumers, speaking in a Rossiya 24 interview reported by RIA Novosti.