Global oil demand recovering, says Russian Deputy PM Novak
Quick Look
Russian Deputy Prime Minister Alexander Novak stated that global oil demand is recovering, citing OPEC Secretariat and industry expert estimates, during the Eastern Economic Forum in Vladivostok, where OPEC projected a 0.6 million barrels per day demand increase in 2026 to reach 105.74 million barrels per day.
AI-generated summary
Why It Matters
OPEC released its August report projecting global oil demand to rise by 0.6 million barrels per day in 2026 to 105.74 million barrels per day, with the Secretary General earlier stating expectations for demand recovery by 2027.
VLADIVOSTOK, September 2. /TASS/. Global oil demand is recovering, as evidenced by the OPEC Secretariat and industry experts, Russian Deputy Prime Minister Alexander Novak told reporters.
"According to estimates by experts and the OPEC Secretariat we have reviewed, oil demand is recovering, we can see it," he said on the sidelines of the Eastern Economic Forum (EEF).
Global oil demand is projected to rise by 0.6 mln barrels per day (bpd) in 2026 to 105.74 mln barrels per day (mbd), OPEC said in its August report. The OPEC Secretary General said earlier that the organization expected global oil demand to recover by 2027.
The Eastern Economic Forum is taking place on September 1-4 in Vladivostok on the campus of the Far Eastern Federal University. The main theme of this year’s EEF is "The Far East: Development for the Benefit of People." The event is organized by the Roscongress Foundation with the support of the Russian government. TASS is its general information partner.
What to Watch
AI outlook — possibilities, not facts
Global oil demand will reach 105.74 million barrels per day by 2026
Likely · Within years
Open Questions
- What specific factors are driving the projected oil demand recovery?
- How might geopolitical tensions or energy transition policies affect these demand projections?
- What role will non-OPEC producers play in meeting the anticipated demand increase?
