Energy minister says global economic recovery difficult

MOSCOW, Nov 3 (PRIME) -- Recovery of the global economy and oil demand is hard, but the recent lockdowns in Europe are softer than in March–May, Russian Energy Minister Alexander Novak said on Tuesday during the OPEC–Russia Energy Dialogue.

“The current year has become a shock for the entire global economy in general and for the oil sector in particular. We see that recovery is problematic, we see many uncertainties that prevent a return to the pre-crisis indicators and global consumption of crude,” he said.

“Lower social mobility, a switch of people to online, and production suspension tested the strength of supply chains and global demand. We see new large-scale lockdowns in some of largest European countries, even though they are not as tough as they were this spring.”

Russia stands for regular meetings of experts of the OPEC+ alliance with experts of all other international organizations including the Gas Exporting Countries Forum, he added.

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