Global oil demand in 2022 will increase by 4 million bpd: Russian deputy prime minister

Global oil consumption is expected to increase by 4.5 to 5 million barrels per day (bpd) in 2021, and in 2022 it will increase by another 4 million bpd, Russian Deputy Prime Minister Alexander Novak said.

“We expect total demand [for oil] increase by around 4.5 to 5 million barrels per day in 2021. To restore production to where it was before restrictions were introduced in 2020, we expect demand to increase next year by around 4 million additional barrels per day,” Novak said. in an interview with RBC.

He said demand for oil over the next decade will continue to grow and will grow from around 100 million barrels per day in 2022 to 110 million by 2030.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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