Oil demand to grow 1.2-1.3 mln bpd in 2015, 7%-11% by 2020 - Novak
MOSCOW. July 30 (Interfax) - Overall demand for oil in the world will grow by 1.2 million-1.3 million barrels per day in 2015, Russian Energy Minister Alexander Novak told reporters.
Novak also said he thought demand for oil would grow 7%-11% by 2020.
"Supply so far exceeds demand. We expect that in 2015, overall demand will grow by 1.2 million-1.3 million barrels per day. We are seeing a reduction in the volume of drilling and a reduction in volumes of shale oil production. This means today's price levels are the limit, at which it is feasible to produce shale oil. The rates at which oil consumption grows will be a little slower than the rates at which the global economy grows as a whole, OECD countries, the United States, Asia-Pacific, as technologies are becoming more advanced, above all technologies that increase energy efficiency. Even so, demand for oil will grow approximately 7%-11%, and, by 2040, another 15%-20%," Novak said.
