Novak predicted an increase in oil demand until at least 2040
2/20/2024, 7:31:53 AM
Highlights: Russian Deputy Prime Minister Alexander Novak said at the Russia International Exhibition and Forum at VDNKh that he predicts an increase in oil demand at least until 2040. “Many people say that oil has outlived its usefulness. I can say with confidence that this is not the case,” he said. Earlier, the International Energy Agency (IEA) increased its oil production forecast for 2024 by 1.7 million barrels per day. The growth rate will be about 14%, according to Novak.
Russian Deputy Prime Minister Alexander Novak said at the Russia International Exhibition and Forum at VDNKh that he predicts an increase in oil demand at least until 2040.
It is clarified that he made the corresponding statement during the plenary session.
“Many people say that oil has outlived its usefulness. I can say with confidence that this is not the case. And, according to many expert forecasts, oil consumption will continue to grow for a long time. At least until 2040, the growth rate will be about 14%, which is approximately 1 million barrels per day per year of additional demand,” TASS quotes him.
Earlier, the International Energy Agency (IEA) increased its oil production forecast for 2024 by 1.7 million barrels per day.