Russia’s Deputy Prime Minister Alexander Novak said that global oil demand was seen rising by between 1.0 million barrels per day and 1.5 million bpd this year, various news agencies reported.

That compares with the latest expectations from the Organization of the Petroleum Exporting Countries for a rise of 1.45 million bpd.

“I have a positive attitude, the rate of consumption is growing every year, and judging by the fact that the global economy will grow, the demand for energy resources will also grow,” Interfax news agency quoted Novak as saying.

Some experts and think tanks are expecting a possible oil glut this year due to production increases in the United States and sluggish demand.

OPEC+, or the Organization of the Petroleum Exporting Countries plus Russia, decided earlier this month to start unwinding its most recent layer of output cuts from April.

Novak said the OPEC+ group will monitor the oil market, which is currently stable, while it was important to keep the supply-demand balance, according to Interfax news agency.

Four sources told Reuters that OPEC+ will likely stick to its plan to raise oil output for a second consecutive month in May amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.

Source: Reuters