The world economy will increase oil consumption by slightly less than 1 per cent within the next 15-20 years, said a senior Russian government official.

"Oil consumption will grow in the next couple of decades, but at a slower rate than economic growth - slightly less than 1 per cent in the next 15-20 years," Energy Minister Alexander Novak was quoted as saying by Russian news agency Tass, which cited RBC.

Earlier Novak said that the world demand for oil in 2017 is growing faster than expected - already surpassing 1.4 million barrels from last year.