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Global Oil Demand to Grow by 2.4mbpd in 2023: Novak

OIL

Russia forecasts global oil demand to grow by 2.4mbpd, hitting a new all-time high this year, Russia’s Deputy PM Alexander Novak said during Russian Energy Week.

  • Oil demand is expected to reach 118mbpd by 2030, Novak added.
  • In light of rising demand, the world should back the growth with respective investments, he said. "Nevertheless, speaking about global demand growth, we can experience the lack of capacities as a result of underinvestment," he added.
  • OPEC currently has free capacities of 4-5mbpd amid output cuts.
  • In comparison, the IEA forecasted global oil demand to grow by 2.3mbpd to 101.9mbpd this year.

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