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BP: Global oil demand increases by 1.5 mbpd over 3 years

The global demand for oil, over the past three years, has increased by 1.5 million barrels per day, the chief economist of BP in Russia and the CIS Vladimir Drebentsov said at a meeting with reporters on Nov. 7.

‘The demand for oil is growing at a rate one and a half times faster. This is due to a variety of factors. First of all, it is the result of lower prices. Oil prices for last three years were lower than in the previous period,” Drebentsov said.

According to the economist, given that recently oil prices have increased, this will affect demand and its growth rates will gradually decrease.

More traditional rates of growth in oil prices have been observed in recent years, he said.
Source: Trend

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