"Overall we expect this year’s demand on global markets to increase by 1.2 mbp to 104.4 mln [barrels per day]," he said, adding that next year’s "growth is estimated roughly at the same level - from 1 to 1.5 mbd."
The situation on the global energy market is normal and stable despite the events in the Middle East, Novak added.
The official also commented on the decision made by OPEC+ at a meeting in December on extension of voluntary output cuts by 2.2 mln barrels per day to Q1. He noted that a gradual withdrawal from those cuts would start on April 1 and last for a year and a half.
"We believe that this is a rational decision, which will allow development of the situation on the oil market in a balanced way further on to ensure a gradual increase in supply amid a gradual rise of demand," Novak concluded.
