Russian Energy Minister Alexander Novak spoke On Friday at an on-line oil conference.
- oil demand globally could fall by 9 to -10 million barrels per day (bpd) this year
- due to the impact on economies of the COVID-19 pandemic
- “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,” he said via an interpreter.
(Novak referring to the Goldman Sachs Brent projection to $65/ barrel by Q3 of 2021 (and average $59.40 for the year)