Russian Federation product markets 2021 outlook to 2050

In 2021, the Russian Federation is expected to recover a big portion of last year’s losses in both supply and demand, however refinery utilisation in the country doesn’t reach pre-pandemic levels in our forecast to 2050. With over 3 million b/d of demand, the Russian Federation represents more than 70% of the oil demand of the Russia and the Caspian region. The country had among the highest Covid-19 caseloads globally, but oil demand was not significantly reduced in 2020 as the growing petrochemicals sector compensated for some of the fall. In the longer term, Russian Federation oil demand grows from 3.3 million b/d in 2019 to 4.3 million b/d in 2050 with almost all of that growth coming from the expanding petrochemicals sector.