Russia is certain that the investments into the energy sector globally will contract by 18-20 percent in 2020 due to the low hydrocarbon prices and the COVID-induced economic crisis, Russian Energy Minister Alexander Novak said on Monday
MOSCOW (Pakistan Point News / Sputnik - 19th October, 2020) Russia is certain that the investments into the energy sector globally will contract by 18-20 percent in 2020 due to the low hydrocarbon prices and the COVID-induced economic crisis, Russian Energy Minister Alexander Novak said on Monday.
"It is already clear that this year the investment into the energy sector will significantly fall and, according to the estimates, will contract by 18-20 percent, which is greatly higher than the contraction of demand," Novak said at the opening of the OPEC+ ministerial meeting.
The OPEC+ members have to fully implement the oil production quotas as the energy market remains volatile due to the looming second wave of COVID-19 pandemic, the minister stressed.
"The situation remains fragile and from month to month, we have to fully implement our agreement," Novak added.
In light of this, Russia aims to continue strengthening the OPEC+ format and cooperation within the group on stabilizing the energy market, according to the minister.
