BP: Resumption of global oil demand not expected this year

BP: Resumption of global oil demand not expected this year
  • Clock-gray 13:53
  • calendar-gray 02 July 2020

"The resumption of oil demand at global level by the end of this year is not expected ", said the Vice President for Communications, External Affairs, Strategy & Region at BP Azerbaijan-Georgia-Turkey Bakhtiyar Aslanbeyli during the international conference entitled as “Global energy and international political risks” jointly held in online format by the International Relations Analysis Center and Valdai International Discussion Club, "APA-Economics" reports.

He said not only oil production exerts influence on global demand for oil and formation of prices, and there are various geopolitical, economic, psychological, environmental and other factors that play part in this issue: "There are a number of scenarios regarding development of demand, and the resumption of the demand by the end of the current year is not forecasted in those scenarios".

B. Aslanbeyli also said that the resumption of the global demand for oil during 2020-2021 will depend on the course of the pandemic, fulfillment of the obligations undertaken by a number of countries regarding the reduction of the production, restoration of the global economy and other issues.

Emil Ismayilov

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