Oil Demand To Grow By 2.2 Mln Bpd In 2024: Opec

ST. PETERSBURG, June 6 (Bernama-Sputnik) -- OPEC expects oil demand to grow by 2.2 million barrels per day in 2024, and the demand will be stable and strong, OPEC Secretary General Haitham Al Ghais said on Thursday, reported Sputnik.

"Talking about this year, we see oil demand growing at around 2.2 million barrels a day, year-on-year growth," the OPEC head said at the session of the St. Petersburg International Economic Forum (SPIEF), adding that the demand is expected to be strong and stable.

The world needs all sources of energy, there should be no discrimination, but the demonisation of the oil industry is noticeable, the OPEC head added.

Meanwhile, Russian Deputy Prime Minister Alexander Novak has projected global oil demand to grow to 115 million barrels per day by 2030.

"In the long term, we understand that even for the period until 2030 ... today’s 102 (million barrels per day) can turn into 110-115 million barrels per day. Because petrochemistry is developing, the number of flights is increasing," Novak said at the SPIEF.

Oil production in Russia will be at 505-515 million tonnes in 2024, he added.

"I think we will be in the range of 505 to 515 million tonnes. Closer to 515 million tonnes. More precisely, it will be known by the end of the year," Novak said.

Russia sells its oil at market prices, taking into account the discounts, which have sufficiently decreased to date, Novak added.

Russia will begin to restore oil production on October 1 as part of the voluntary cuts under the OPEC+ deal, the official concluded.

-- BERNAMA-SPUTNIK