Caspian Energy Journal Caspian European Club
Wednesday, 27 September 2017 19:00

Oil demand on the rise, Russian Energy Minister

“The oil demand growth in 2017 exceeds forecasts”, Minister of Energy of Russia Alexander Novak said in the interview with the Austrian newspaper Die Presse, Caspian Energy News ( reports with reference to the Ministry of Energy of the Russian Federation. In particular, according to Alexander Novak, this year the demand will grow by 1.4 million barrels per day instead of the previously forecasted 1.2 million. “The oil output cutback deal has played a key role here. It calmed down the market and restored confidence of market players. At the same time, the oil inventories in the storage facilities exceed the five-year average by only 170 million barrels, which is twice less than before”, the Russian energy minister thinks.

It bears reminding that the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) had a meeting on September 22, where the parties noted the high level of compliance with oil production quotas by voluntary adjustments.

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Person in charge of the newsline: Fidan Isayeva


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