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Russia sees its pipeline and LNG overseas deliveries surge from 146 billion cubic meters (bcm) in 2023 to 293 bcm in 2030, and further up to 438 bcm by 2050. Crudeoil and condensate production is targeted to increase from 531 million metric tons per year, or 10.66 million bpd, by 2050.
But global energy demand is rising even faster, with total fossil fuel use growing by just over 1% and oil remaining the largest source of energy, accounting for 34% of total global demand. The USA is the world’s largest oil producer, accounting for 20% of global production in 2024. as gas markets rebalanced after the 2023 slump.
The country’s gas exports are expected to increase from 146 bcm in 2023 to 293 bcm by 2030, and up to 438 bcm by 2050. Crudeoil production is projected to rise slightly, from 531 million metric tons in 2023 to 540 million by 2050, with oil exports remaining steady at around 235 million tons per year.
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