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26 Mar, 16:25

Oil demand may grow by 1-1.5 mln barrels daily in 2025 — Novak

Economic activity of large consuming countries like China, India and the United States influences growth of oil demand, the official noted

MOSCOW, March 26. /TASS/. Incremental growth of oil demand may stand at 1-1.5 mln barrels in 2025, Russian Deputy Prime Minister Alexander Novak said.

"We expect the demand will grow from 1-1.5 mln barrels per day. As you know, decisions were made by OPEC+ countries within the framework of voluntary cuts, which were observed for two years," Novak said. Partial recovery will follow within a year and half "to make it possible in a balanced way, gradually, to saturate the market with energy resources," he noted.

Economic activity of such large consuming countries as China, India and the United States also influences growth of oil demand, Novak added.