Novak predicted a significant increase in demand in the global oil market

MOSCOW, September 5 – PRIME. Demand in the global oil market is gradually recovering, in early 2023 it will exceed 100 million barrels per day, Russian Deputy Prime Minister Alexander Novak said.

Earlier in May 2020, OPEC+ cut oil production by 9.7 million barrels per day due to a drop in oil demand caused by the coronavirus pandemic. Later, the terms of the deal were adjusted several times. In August, the alliance moved to the final stage of exiting the cuts announced two years ago, in September it increased crude production by 100,000 barrels per day.

“So far, demand is recovering relative to the pre-pandemic level. We expect that next year, at the beginning of next year, we will reach the corresponding indicators, above 100 million barrels per day of oil demand,” Novak said on the Rossiya 24 TV channel.

On Monday, it was reported that OPEC + decided to again cut oil production by 100 million barrels per day in October.