US West Texas Intermediate crude futures rose 0.37% to $82.42 a barrel.
Brent crude futures rose 0.51% to $84.90 a barrel, according to Bloomberg website data.
The rise came at a time when media outlets reported that China will release quantities of crude from its national strategic stocks during the Lunar New Year holiday, which begins on February 1, 2022, as part of a plan coordinated by the United States with other major consumers to reduce global prices. .
According to the sources, China agreed in late 2021 to withdraw quantities of oil from stocks, depending on the levels of black gold prices in the markets.
Deputy Prime Minister Alexander Novak predicted that global energy consumption will grow by 30% within the next 15-20 years.
The statement came during Novak’s participation in the “Gedar” forum, which was launched this year under the title “Russia and the world after the epidemic.”
“It is necessary to take a balanced approach and achieve a gradual transition (reducing carbon emissions) so as not to create problems for the economy and for human development. The world economy is growing, energy consumption is increasing, and in 15-20 years energy consumption will grow by 30%,” the Russian official said.
According to Novak, it is necessary to consider at the present time the issues of energy security, and noted that “everyone agrees that the share of hydrocarbons will decrease, but they will remain prominent in the global energy balance.”
He added that the share of hydrocarbons in the global energy balance will decrease by 2040-2050 from 85 percent to 70 percent, noting that the remaining 30 percent share in the energy balance is a very large amount even for renewable energy sources.
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