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World economy to increase oil consumption by less than 1% in 15-20 years — minister

The Russian energy minister earlier said the world demand for oil in 2017 is growing faster than expected

© Donat Sorokin/TASS

MOSCOW, October 26. /TASS/. The Russian Energy Ministry forecasts that the world economy will increase oil consumption by slightly less than 1% within the next 15-20 years, Energy Minister Alexander Novak said in an interview with RBC.

"Oil consumption will grow in the next couple of decades, but at a slower rate than economic growth - slightly less than 1% in the next 15-20 years," he said.

Earlier Novak said that the world demand for oil in 2017 is growing faster than expected - already surpassing 1.4 mln barrels from last year.

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