TASS reports that Russia's top oil executive said Asian oil demand is still growing.

Alexander Dyukov of Russian oil giant Gazprom said that the demand for crude oil in Asia continues to increase, while China, among other countries, has been replenishing its crude stocks, according to TASS.

OPEC+ agreed this month to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the group will slow down the rate of increases compared to previous months because of an expected weakening in global demand.

Dyukov, head of Russia's four largest oil producers, nevertheless said that demand is still strong.

The global oil consumption increases in summer. In Asia, the consumption of oil continues to increase in autumn. We also see that many countries, such as China, are replenishing their strategic reserves of oil," Dyukov said.

According to a report by the International Energy Agency, the Organization of the Petroleum Exporting Countries (OPEC) and its allies like Russia have planned increases in their oil production. This will result in a faster rise than was expected for global oil supplies this year.

OPEC, in its own report, did not alter their relatively high estimates for the growth of oil demand this year and next. They said that global economic growth was still on a steady track.

Dyukov said that it was expected that Gazprom will increase its crude production as well as the refining volume this year. TASS did not provide any figures. (Reporting and writing by Olesya Almakhova, editing by Lincoln Feast.)

(source: Reuters)