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Global oil demand to gain 1-1.5 mbd in 2025 — Russian deputy PM

The situation on the global energy market is normal and stable despite the events in the Middle East, Alexander Novak added

MOSCOW, December 25. /TASS/. Russia expects growth of global oil demand in 2025 to reach from 1 mln barrels per day (mbd) to 1.5 mbd, Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"Overall we expect this year’s demand on global markets to increase by 1.2 mbp to 104.4 mln [barrels per day]," he said, adding that next year’s "growth is estimated roughly at the same level - from 1 to 1.5 mbd."

The situation on the global energy market is normal and stable despite the events in the Middle East, Novak added.

The official also commented on the decision made by OPEC+ at a meeting in December on extension of voluntary output cuts by 2.2 mln barrels per day to Q1. He noted that a gradual withdrawal from those cuts would start on April 1 and last for a year and a half.

"We believe that this is a rational decision, which will allow development of the situation on the oil market in a balanced way further on to ensure a gradual increase in supply amid a gradual rise of demand," Novak concluded.

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