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Global oil demand to grow by 2040 at the least — Novak

According to the deputy prime minister, the extra demand will be about 700 mln metric tons of oil during that period

MOSCOW, February 20. /TASS/. The international oil demand will grow until 2040 as a minimum, Russian Deputy Prime Minister Alexander Novak said during the plenary session at the Russia Expo international forum.

"Many say oil renders moot. I can confidently say this is not so. According to many forecasts of experts, oil consumption will continue growing for a long time. Growth rates will be about 14% until 2040 as a minimum, and this is the incremental demand of about one million barrels per day annually," Novak said.

Overall, the extra demand will be about 700 mln metric tons of oil during that period, the deputy prime minister said.

Specifically, oil production in East Siberia in 2023 reached 54 mln metric tons. Offshore oil production amounted to 24 mln metric tons, Novak noted.

The International Russia Expo is running from November 4, 2023 to April 12, 2024 in Moscow. Its goal is to demonstrate Russia’s major achievements in various sectors of the economy, with all 89 Russian regions participating. TASS is the general information agency of the Forum.

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Alexander Novak

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