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RIYADH: Saudi Arabia’s oil demand is expected to grow annually by up to 1 million barrels per day (bpd) while world consumption is likely to increase to 105 million bpd in 2025.
“The current decline in oil prices and demand is a temporary, unnatural situation,” said Ibrahim al-Muhanna at an energy conference in Riyadh.
“The expectation is for continued growth in demand for the various types of energy, including oil. At a minimum, oil demand is expected to grow annually by up to 1 million bpd and world consumption is expected to increase to about 105 million bpd in 2025, even when taking into consideration all the energy rationalization policies in countries all over the globe.”
