Moscow-Sana
Russian Deputy Prime Minister Alexander Novak has predicted that world oil production will reach pre-Covid-19 levels by the end of 2022.
Novak said in a television interview today on the sidelines of his participation in the St. Petersburg International Economic Forum: During the past two years, we have witnessed a complete recovery in the demand for energy resources, which had previously fallen as a result of the epidemic, closures and reduced demand for land and air transport, and today we can say with confidence that by By the end of this year, oil production will return to what it was before.
Novak indicated that despite the recovery in production, the world may face a shortage in oil supplies, especially in light of the continued high fluctuations and uncertainty in the market in terms of supply of energy resources, pointing out that Iran and Venezuela will increase production in the event of lifting sanctions on them by 2-2.5 million barrels per day. .
Novak said that Russian oil exports in the period from January to May of this year grew by 12 percent year on year.
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