6 August 2023 - 14:13
  • News ID: 476550
Novak: Global oil demand to grow by 2.4m bpd this year

The global oil demand has recovered after the coronavirus pandemic and will grow this year by 2.4 million barrels per day (bpd), 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 102.4m bpd In other words, incremental growth will be about 2.4m 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, TASS reported.

"It is about plus 2.2m 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 concluded.

News ID 476550


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