2021: Russia sees increase in demand by up to 6 mi bpd

On Monday (28), the Deputy Prime Minister of Russia, Alexander Novak, predicted for 2021 an increase in oil demand between 5 to 6 million barrels per day (bpd), in an optimistic expectation. The global trend in commodity consumption for next year is post-pandemic recovery, as global demand is still below what it was before the new coronavirus. Novak, to Russian television channel Rossiya-24, also said that Russia should continue working together with partners from different countries, such as Opec+ (Organization of Petroleum Exporting Countries and allies).

Last week, Russia supported the increase in OPEC+ production by 500,000 barrels per day in February, equaling the increase already agreed for January. The group began to increase production following the demand recovery.


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