Saudi Oil Minister Adviser: Annual Oil Demand Seen Growing To 1m bpd

The slide in oil prices is only temporary as global 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, an adviser to Saudi Arabia’s oil minister said on Thursday.

“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.”