Deputy Minister of Energy of Russia: The potential rise in oil demand by 2050 is 'enormous'.

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Jinshi data news on September 26th, Russian Deputy Energy Minister Sorokin said on Thursday that Russia expects a ‘huge’ rise in global oil demand by 2050 and is ready to expand supply. Sorokin said that if it is not necessary, Russia does not intend to dump the market, adding that production costs will inevitably rise as the difficulty of oil extraction increases. Sorokin said that the Russian Energy Ministry believes that by 2030, global oil demand will rise by at least 5-7 million barrels per day, which is 4.5%-5.5% higher than the current consumption rate, and added that by 2050, global oil demand will rise by at least 5%. He pointed out that OPEC+ and major oil-producing countries such as the United States, Canada, and Brazil will meet the increasingly rising demand.

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