Russian Deputy Prime Minister Alexander Novak said at the Russia International Exhibition and Forum at VDNKh that he predicts an increase in oil demand at least until 2040. “Many people say that oil has outlived its usefulness.
I can say with confidence that this is not the case,” he said. Earlier, the International Energy Agency (IEA) increased its oil production forecast for 2024 by 1.7 million barrels per day. The growth rate will be about 14%, according to Novak.