On Thursday, Russian Energy Minister Alexander Novak elaborated his expectations on global oil demand in the fore month.
Novak estimated the global oil demand to significantly recover in August. It would likely recover to just 10% below the prior-coronavirus crisis level.
He said that before the pandemic, demand was at roughly 100 million bpd. In April it shrank by 25%.
On a related note, the Organization of the Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) have agreed to ease the curb on oil output starting in August to December, at 7.7 million bpd from 9.7 million bpd.
