On Friday, Russian Energy Minister Alexander Novak estimated that in 2020, the global oil demand could slump by 9-10 million bpd on the back of the coronavirus pandemic.
His prediction is in line with the Organization of the Petroleum Exporting Countries (OPEC)’s in August, expecting a 9.06 million bpd fall this year.
The minister added that this year, prices might have no room to further recover.
Regarding next year, Novak said that oil prices could hit USD65/barrel, but there would be volatility. The average would be between USD50-55/barrel.
