6/8, 1:34 PM (Source: TeleTrader)
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Novak: Oil demand in Asia-Pacific to grow 60% by 2030

Russia's Deputy Prime Minister Alexander Novak said on Thursday that the recent forecasts project that oil demand will expand further in the coming years, with Asia-Pacific countries accounting for 60% of the growth by 2030.

By 2030, there will be a 10% increase in gas demand, which will be mostly met by increasing its usage in industry and the energy sector against the "backdrop" of "decarbonization," with Asia-Pacific region seeing the largest expansion of gas consumption, Novak wrote in Energy Policy magazine.

In 2022, the export of Russian energy resources to India and China increased "exponentially." "Compared to 2021, oil supplies to India last year increased 19 times to 41 million tonnes," Novak stressed, while delivery of petroleum products to India reached 6.2 million tonnes in 2022.

Baha Breaking News (BBN) / AB