Novak predicted an increase in global oil demand until at least 2040

The Russian Deputy Prime Minister Alexander Novak announced on February 20th, during a plenary session at the International Exhibition and Forum 'Russia' at VDNKh, that global oil demand will continue to grow until at least 2040.

                            'Novak noted that despite some people claiming that oil has outlived its usefulness, many expert forecasts predict that oil consumption will continue to grow for a long time.'

He added that the growth rate will be about 14% until at least 2040.

Novak stated that there would be an additional demand of approximately 1 million barrels per day per year.

He also discussed oil production in Russia, citing 54 million tons in Eastern Siberia in 2023 and 24 million tons in the shelf fields of the Sea of Okhotsk, Pechersk, and Baltic seas.
On February 14, the price of Brent oil exceeded $83 per barrel for the first time since January 30. At approximately 19:34 Moscow time, the price reached $83.04 per barrel, but by 19:39 Moscow time, it had slowed down and reached $82.88 per barrel.
On January 20, the General Administration of Customs of China reported that Russia had become China's largest oil supplier. The cost of supplies in 2023 amounted to $60.6 billion, which is 3.5% more than in 2022.

On December 27, Novak stated on the Rossiya 24 TV channel that the Russian Federation plans to reduce the share of oil and petroleum product exports to European countries to 4-5% of total exports in 2024. Simultaneously, he clarified that the percentage of oil and petroleum product supplies to China has increased to 45-50%, and the proportion of exports to India has also risen to 40%.