Russian energy minister hopes for good demand for oil in 2020

ASTRAKHAN, Jul 23 (PRIME) – Improving U.S.–China trade relations may mean that global oil demand will not contract, Energy Minister Alexander Novak told reporters on Tuesday.

“I think that the market will have enough supply, while demand will largely depend on economic relations between the global superpowers. We see positive improvements here, and we hope that demand will be as high as it was in previous years,” he said.

“I would not like to make any accurate forecasts now as the market situation is constantly changing. It is obvious that we have a rather balanced market now, you see that its volatility is low. Still, many unpredictable situations may change the general situation. We will look at that, we will monitor changes in the situation, and we will make decisions.”

Previously, the International Energy Agency said that the market may experience an oversupply of oil in 2020.

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