Russia aims to produce 540 mln t of oil by 2050 is OPEC+ obligations allow - dep minister

MOSCOW. Sept 26 (Interfax) - Russia aims to be producing 540 million tonnes of oil per year by 2050 in the baseline scenario, but this amount might be adjusted depending on the country's obligations within OPEC+, First Deputy Energy Minister Pavel Sorokin said on the sidelines of Russian Energy Week.

"Indeed, 540 million tonnes is the baseline scenario for which we're aiming [for oil output by 2050], but with a caveat taking into account cooperation with our partners in OPEC+. We have no objective to flood the market if it does not require this. But [it also works] the other way, to give the market additional resources if this is required," Sorokin said.

He said Russia is not worried about potential growth of demand in the period to 2030 or the period to 2050.

"In our view, it's fairly substantial. It's at least 5 million-7 million bpd, meaning about 4.5%-5.5% from current consumption to 2030. Subsequently, we're talking about around 5% additional growth to 2050," Sorokin said.