The world's oil demand has been shrinking by 10-15 million barrels per day and may soon fall by as much as 20 million barrels, Russian Energy Minister Alexander Novak said Friday
MOSCOW (Pakistan Point News / Sputnik - 03rd April, 2020) The world's oil demand has been shrinking by 10-15 million barrels per day and may soon fall by as much as 20 million barrels, Russian Energy Minister Alexander Novak said Friday.
The global oil consumption has been contracting as countries halt production in a bid to stem the spread of the new coronavirus, which has infected a million people worldwide.
"The demand... has been shrinking by 10-15 million barrels a day, and experts believe that it could drop by 15-20 million barrels a day, which is 20 percent of the global production," he said.
Novak told Russian President Vladimir Putin at a meeting that the sharpest drop in demand had been recorded in the European Union and the United States, which account for respectively 18 percent and 20 percent of the global consumption.
