Russia Sees Long Way to Recovery for Global Crude Oil Market
- 2020 oil demand set to fall as much as 10% year on year: Novak
- Russia energy minister Novak addresses G-20 ministers’ meeting
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Russia expects a long and gradual revival of the oil market after the pandemic this year crushed energy demand across the world.
“The recovery won’t be fast, it will take quite a while before the pre-crisis levels can be reached,” Russia’s Energy Minister Alexander Novak said Sunday. In 2020, on the back of coronavirus lockdowns, global oil demand is set to decline by as much as 10% compared to last year, he said in his address to a two-day online meeting of G-20 energy ministers.