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Oil demand may grow by 5-6 mln barrels per day in 2021 - Russian Deputy PM

Novak noted that the decision of OPEC+ to maintain the increase by 400,000 barrels per day in oil production will allow restore the supply by another 2 mln barrels per day by January 1, 2022

MOSCOW, November 5. /TASS/. Oil demand may grow by 5-6 million barrels per day in 2021, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"Today we see a recovery in the market situation. This year we expect the demand to increase by approximately 5-6 million barrels per day," he said.

Novak noted that the decision of OPEC+ to maintain the increase by 400,000 barrels per day in oil production will allow restore the supply by another 2 mln barrels per day by January 1, 2022.

"We agreed to meet on December 1 to discuss the current situation and the supply-demand balance, and the decision for January," he added.

When asked how the countries participating in the agreement are complying with the terms of the deal, the Deputy Prime Minister stressed that compliance is at a high level.

"According to the results of monitoring and the report, which was presented today at the ministerial meeting, in September, the execution of the transaction by the OPEC and non-OPEC countries amounted to 115%," he said.

In September, the Organization of Petroleum Exporting Countries (OPEC) said in its World Oil Outlook that the global oil demand will recover and reach 104.4 mln barrels daily during five coming years but oil consumption rates will start slowing down as early as after 2026 on account of developed economies. The demand will stop growing and stabilize after 2035, OPEC said.

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