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Novak expects oil demand to rise this year, says price may do down in winter

September 08, 22:42 UTC+3 VLADIVOSTOK
"On the whole, we expect the demand to rise by 1.1-1.3 mln barrels this year versus last year", Russia’s Energy Minister said
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VLADIVOSTOK, September 8. /TASS/. The global demand for crude oil will rise this year by 1.1-1.3 mln barrels though the chances that the price will go down in the winter 2016-2017 persist, Russia’s Energy Minister Alexander Novak told TASS.

"Earlier we said that the demand-supply balance will be only reached in 2017, and we keep those forecasts. On the whole, we expect the demand to rise by 1.1-1.3 mln barrels this year versus last year. However, it is very difficult to give forecasts for supply on the market due to unexpected situations," he said, adding that "the risk of crude prices going down persists on the whole.".

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