Latest News

Russia expects the global oil demand to rise by 1.5 million barrels per day in 2025

Russia expects the global oil demand to rise by 1.5 million barrels per day in 2025

News agencies reported that Russia's deputy prime minister Alexander Novak stated on Wednesday that the global oil demand is expected to rise by between 1.0 and 1.5 million barrels of oil per day this year.

This compares to the latest expectation from the Organization of Petroleum Exporting Countries of a rise of 1,45 million bpd.

Novak was quoted by Interfax as saying, "I am optimistic, because the rate of consumption increases every year. And judging from the fact that global economic growth will continue, demand for energy will increase."

Experts and think tanks predict a possible oil surplus this year, due to increased production in the United States combined with a sluggish market.

OPEC+ (Organisation of Petroleum Exporting Countries and Russia) decided this month to begin unwinding the most recent layer of production cuts in April.

Novak told Interfax that the OPEC+ will continue to monitor the oil markets, which are currently stable. It is important to maintain the balance between supply and demand.

Four sources said that OPEC+ is likely to stick with its plan to increase oil production for a second month in a row in May, despite the steady oil price and plans to make some members reduce their pumping to compensate past overproduction. (Reporting and editing by Jan Harvey, Kirby Donovan; Olesya Astakhova and Vladimir Soldatkin)

(source: Reuters)