Oil demand may continue declining

Oil demand may continue declining
  • Clock-gray 22:52
  • calendar-gray 09 April 2020

The global oil demand has already contracted by 10-15 mln barrels daily and may continue falling, Russian Energy Minister Alexander Novak said in his introductory statement at the OPEC+ meeting, APA reports citing TASS.

"We see economic activity has slowed down. According to estimates of experts, about 4 bln people are at self-isolation at present, which certainly influenced on the activity, the movements, and certainly the decline of oil demand worldwide. We currently see a very strong decline [in demand] - by 10-15 mln barrels daily. This figure will be even higher, it may change to the upside," Novak noted.

Russia is concerned of the increase in commercial oil inventories and the possibility of complete filling of oil storages, the Minister said.

Rebelancing of the oil market is interests of producers and consumers and countries should therefore make joint steps, Novak added.

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