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Oil demand to grow by 2.4 mln barrels per day this year — Novak

"We have recovered after the pandemic above the 2019 level of oil consumption globally," the deputy prime minister noticed

MOSCOW, August 4. /TASS/. The global oil demand has recovered after the coronavirus pandemic and will grow this year by 2.4 mln barrels per day, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"By the way, we see now the maximal growth of the demand; the record-high indicators. We have recovered after the pandemic above the 2019 level of oil consumption globally. This stands at 102.4 mln barrels per day. In other words, incremental growth will be about 2.4 mln barrels a day," Novak said.

The forecast of the oil demand growth in 2024 was discussed at the meeting of the OPEC+ ministerial monitoring committee, the deputy prime minister said. "It is about plus 2.2 mln barrels per day. This is the figure taken as the basis now, as a target to support the supply to the market, taking into account production of OPEC countries, non-OPEC countries, and non-OPEC+ countries," Novak added.

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Alexander Novak OPEC

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