Novak expects record growth in global oil demand in 2023
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Deputy Prime Minister of the Russian Federation Alexander Novak believes that global growth in oil demand will become a record in 2023, without taking into account the recovery period after the crisis amid the pandemic. He called for increased consumption of investment resources.
“We are seeing an increase in demand. This year, the growth in demand in the oil market, in my opinion, will be a historical record,” Mr. Novak said at the Russian Energy Week (quoted by “Interfax”).
Russia expects an increase in oil demand of “somewhere 2.4 million barrels” per day. “And this, according to experts, will continue, and by 2030 the total consumption in the world will be 116–118 million barrels per day,” added the Deputy Prime Minister.
The International Energy Agency expects that restrictions on oil production by OPEC+ countries will lead to a significant shortage on the world market in the second half of 2023. The IEA notes that oil supply is not keeping pace with growing demand. However, after the publication of the forecast, oil prices began to fall amid slowdown growth of the global economy.
About the IEA forecast – in the material “Kommersant” “IEA records underfilling”.
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