Russia Projects Steady Growth in Global Oil Demand in 2025

Deputy Prime Minister Alexander Novak said Russia anticipates global oil demand to grow by 1 to 1.5 million barrels per day (mbd) in 2025.

"Overall we expect this year’s demand on global markets to increase by 1.2 mbp to 104.4 mln [barrels per day]," he said, adding that next year’s "growth is estimated roughly at the same level - from 1 to 1.5 mbd," The Caspian Post reports, citing Russian media.

The situation on the global energy market is normal and stable despite the events in the Middle East, Novak added.

The official also commented on the decision made by OPEC+ at a meeting in December on extension of voluntary output cuts by 2.2 mln barrels per day to Q1. He noted that a gradual withdrawal from those cuts would start on April 1 and last for a year and a half.

"We believe that this is a rational decision, which will allow development of the situation on the oil market in a balanced way further on to ensure a gradual increase in supply amid a gradual rise of demand," Novak concluded.