International oil consumption will increase by 1.5–1.6 million barrels per day in 2017, Russian Energy Minister Alexander Novak said, speaking at a Russia Calling investment forum.
"The key factor for improvement of the economy is higher demand for oil. At the beginning of the year everyone expected a 1.2 million barrel increase in demand on average in the year, while now estimates show an increase of world demand by 1.5–1.6 million barrels until the end of the year,” Prime cited Novak as saying..
He also said that international investment in the industry will return to the level of 2014 only in 2020.
