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Russia expects record oil demand this year — Novak

Alexander Novak pointed out that OPEC+ nations, which have reduced output, currently have free capacities of 4-5 mln barrels per day

MOSCOW, October 12. /TASS/. Russia expects oil demand to grow by 2.4 mln barrels per day to a record level in 2023, Russian Deputy Prime Minister Alexander Novak said, adding that global oil consumption will go up further on and reach up to 118 mln barrels per day in 2030.

"We observe an increase in demand, which will hit a fresh all-time high this year excluding 2020 at the recovery point. We expect oil demand to grow by 2.4 mln barrels per day. Experts suggest that it will continue as total oil consumption will equal 116-118 mln barrels per day in 2030," he said at the Russian Energy Week.

This means that the world should back the growth of consumption with respective investment, Russian Deputy PM said, noting that OPEC+ nations, which have reduced output, currently have free capacities of 4-5 mln barrels per day. "Nevertheless, speaking about global demand growth, we can experience the lack of capacities as a result of underinvestment," he said.

TASS acts as an information partner of the Russian Energy Week.

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Alexander Novak OPEC

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