Russia: Demand for Oil May Decrease by 10 M Barrels Per Day in 2020

Russian Energy Minister Alexander Novak said that the global demand for oil may decrease by between nine and ten million barrels per day due to the negative impact of the Coronavirus.

Novak also said in an online conference that oil prices may rise to around $ 65 a barrel next year, but he expected them to be volatile.

“I have a rather more modest forecast, comparing to Goldman Sachs, for 2021. In my opinion, again, speaking about the average price per year, we could be in a corridor of $50 to $55 per barrel. But the volatility might be there,” Novak said