(VOVworld) – Russia will produce 548 million tons of oil next year, making a record from 544 million tons. This was said in an economic report by Russian Energy Minister Alexander Novak released on Friday.

(Photo: Bloomberg)

Top Russian oil company Rosneft said the surplus of oil in global market will end in one and a half year. A new report from the World Energy Council predicts that global demand for crude oil could hit a peak in 2030 at 103 million barrels per day. Russian President Vladimir Putin said the world tends to change to green energy, but the demand for natural oil energy is still great, as it is greatly used in mechanization and power production in major countries like China and India.