Novak: Global energy investment to fall by 30% in 2020

MOSCOW, Jul 2 (PRIME) -- Global energy investment will fall by around 30% in 2020, Russian Energy Minister Alexander Novak said at a conference on Thursday.

“We saw a 25–28% decrease in demand in the worst month, April… It will impact energy investment much. I think they … will fall by a third in the entire year,” he said.

Novak also said that global oil supply and demand will get rebalanced in July, and supply deficit is possible.

“Demand grew by around 7–8 million barrels in May, and we saw deficit… of nearly 15 million barrels. In June, the figure decreased. I hope that July’s statistics will demonstrate balance, or maybe even deficit given the on-going recovery and lifting the lockdown restrictions in many countries,” he said.

Global demand for hydrocarbons will likely reach the pre-crisis level at the end of 2021, the minister added.

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