Russian min: Global oil demand to fall 9–10 mln bpd in 2020

MOSCOW, Sep 4 (PRIME) -- Global demand for oil may decrease by 9–10 million barrels per day in 2020, Russian Energy Minister Alexander Novak said on Friday, as cited by the ministry on its Twitter page.

“Today the situation is clearer than in April, there are more certainties on the market. We see that demand has begun to grow, although there are still many uncertainties in the future, but related to the impact of the pandemic,” Novak was quoted as saying.

“We hold monthly meetings to monitor the implementation of the OPEC+ agreement, make forecasts for the future. The fall in oil demand for the year will amount to 9–10 million barrels per day, this is a figure close to the truth,” he said.

Novak also said that commercial oil reserves in the Organization for Economic Co-operation and Development (OECD) countries could reach the average five-year figure in 2021.

“In July, we noticed that stocks fell by 34 million barrels per day in OECD countries. If the trend continues, we will gradually reduce the stocks accumulated in the second quarter. The five-year average could be reached in 2021,” Novak said.

End