World oil demand in 2022 will grow by 4 mn bpd: Russian Deputy PM

Moscow: World oil consumption is expected to grow by 4.5-5 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] to rise by about 4.5-5 million barrels per day in 2021. To restore production to the level it was before the restrictions were introduced in 2020, we expect an increase in demand next year by about another 4 million barrels per day,” Novak said in an interview with RBC.

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

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