Alexander Novak at the panel session The Future of the Oil and Gas Market: Outlook for Global Demand and Producer Plans as part of the St Petersburg International Economic Forum
Speaking at the panel session on The Future of the Oil and Gas Market: Outlook for Global Demand and Producer Plans held as part of the St Petersburg International Economic Forum, Deputy Prime Minister Alexander Novak noted that global oil demand has grown above expectations. According to OPEC+ forecasts, oil demand will grow by 2.2 million barrels per day (bpd) to 102 million bpd in 2024. “On the horizon until 2030, which is only six years away, demand may reach 110 million bpd or even 115 million bpd,” Alexander Novak said. In his estimation, air transport and the petrochemical industry will continue to grow, and Asian and African countries will be a source of growing demand. “Oil will find its use,” the Deputy Prime Minister emphasised.
Abdulaziz bin Salman Al Saud, Energy Minister of the Kingdom of Saudi Arabia, said OPEC+ would not succumb to external pressure and would keep the market in balance. “This kind of pressure tactics do not work with us,” he said.