Many uncertainties remain on the oil market, but there are fewer of them than in April, Russian Energy Minister Alexander Novak said on September 4 at the virtual summit GMIS2020.
“We are optimistic about the recovery in demand <...> Today the situation is much clearer than in April. The data is rather optimistic, “Interfax reports.
In addition, the minister added that with the advent of a vaccine against coronavirus infection, the second wave of the pandemic will be prevented and the recovery in oil demand will go faster.
Earlier, on September 2, Novak, speaking about the unfavorable events associated with the production cut within the OPEC, said that this was not due to the OPEC + deal, but primarily due to a decrease in global demand.
According to him, the demand for oil has now recovered by 90%; it can reach the pre-crisis level in the first or second half of 2021.
On September 1, experts, following a meeting between President Vladimir Putin and the head of Rosneft, Igor Sechin, expressed the opinion that oil demand will fully recover by the end of 2021, if the world does not face a second wave of coronavirus and a new quarantine.
In April, the OPEC + countries agreed on a new deal to cut oil production to stabilize the market situation. According to the agreements, the reduction in the second half of the year will amount to 7.7 million barrels per knock, and then 5.8 million by the end of April 2022. In May-July, the reduction amounted to 9.7 million bpd.