Alexander Novak announced a forecast on oil demand

Oil consumption in the global market will grow until at least 2040, said Deputy Prime Minister of Russia Alexander Novak during the plenary session "Leadership and Sustainability of the Russian Energy Sector". It was held at the RUSSIA EXPO during the National Achievements Forum: Energy.

"According to expert forecasts, oil consumption will continue to grow for a long time - at least until 2040. The growth rate will be about 14%, which is the additional demand of about 1 million barrels a day per year. Overall, over the fifteen-year period, the additional demand will be about 700 million tons. These are huge indicators, which are very important for our industry," said Alexander Novak.

Now Russia produces about 10% of oil in the world, said the Deputy Prime Minister. About two thousand oilfields are being developed in the country, and the oil industry accounts for about 15% of Russia's gross domestic product. Oil brings an average of 7 trillion rubles a year to the Russian budget, concluded Alexander Novak.