The recovery of the global economy and oil demand is progressing with difficulties, as the market is full of uncertainties, even though current lockdowns in Europe are much milder than those introduced in the spring, Russian Energy Minister Alexander Novak said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 03rd November, 2020) The recovery of the global economy and oil demand is progressing with difficulties, as the market is full of uncertainties, even though current lockdowns in Europe are much milder than those introduced in the spring, Russian Energy Minister Alexander Novak said on Tuesday.
"This year has been a real shock for the entire global economy, including the oil sector. We see how difficult the recovery is, we see a lot of uncertainties that prevent a return to the pre-crisis indicators of the economy and global consumption of crude oil," Novak said while opening the seventh meeting of the Russia-OPEC Energy Dialogue.
According to the minister, a decline in social mobility and telecommuting, as well as a production shutdown, have all "tested the stability of supply chains and the dynamics of global demand."
He also mentioned "large-scale" lockdowns that are being reintroduced in the biggest European countries, "even though they are not as harsh as those enforced in the spring."
