SAINT PETERSBURG, Growth in global oil demand in 2024 will amount to approximately 1.5 to 2 million barrels per day (bpd), and in 2025 demand will increase by 1.5 million bpd. Russian Deputy Prime Minister Alexander Novak said this on Thursday.
‘Everyone agrees that this year demand will increase by 1.5 to 2 million barrels per day, and next year it will increase by about 1.5 million barrels per day.’ , he said at the St. Petersburg International Economic Forum (SPIEF).
The recent decision by OPEC+ to gradually restore oil production from October 2024 will make it possible to compensate for the growth in demand and balance the market, Alexandre Novak also declared.
Previously, a number of OPEC+ countries, including Russia and Saudi Arabia, extended voluntary oil production cuts of 2.2 million bpd until the end of September 2024. In addition, voluntary production cuts of 1.66 million bpd are extended until the end of 2025.
At the same time, OPEC+ countries also decided to partially introduce voluntary oil
production cuts of 2.2 million bpd from October 2024. In line with the production restoration plan, the Russia and Saudi Arabia will maintain their oil production at 8.978 million bpd until the end of September 2024. The countries will then begin to gradually increase their production. In September 2025, Russia is expected to reach the production level of 9.449 million bpd and Saudi Arabia that of 9.978 million bpd.
Source: Burkina Information Agency