Novak: Global demand for oil will continue to grow at least until 2040

Russian Deputy Prime Minister Alexander Novak denied that the era of oil had ended, stressing that global demand for it would continue to grow at least until 2040.

According to “Russia Today,” Novak said at the “Energy Day” event at the “Russia” International Exhibition and Forum currently being held in Moscow: “Many predict the end of the oil era. I can say with confidence that this is not the case. According to expert forecasts, oil consumption will continue to grow for a long time.”

Novak, who previously held the position of Russian Energy Minister, added that “demand for crude will continue to grow until at least 2040, and this will be at a rate of 14%, or about one million barrels annually of additional demand.”

Regarding Russia’s exports of black gold, the official pointed out that the share of oil supplies directed to friendly countries out of total crude exports rose to 86%, and petroleum products to 84%.

He pointed out that Russia redirected oil exports and its products to new markets after the imposition of sanctions.

According to official data, the share of oil exports from Russia to friendly countries in 2021 was 40%, and in 2023 it rose to 86%, while the share of petroleum products rose from 30% in 2021 to 84% in 2023.