As the global oil demand fell by almost 30 percent in April, the world's investment in the energy sector is expected to fall by one-third in 2020, Russian Energy Minister Alexander Novak said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 02nd July, 2020) As the global oil demand fell by almost 30 percent in April, the world's investment in the energy sector is expected to fall by one-third in 2020, Russian Energy Minister Alexander Novak said on Thursday.
"We have seen a fall in demand in the worst month of April by 25-28 percent, if we proceed from 100 million barrels a day of total demand, the overall contraction amounted to some 28 million barrels. That has significantly impacted the investment in the energy sector. In my view, they will fall by third this year," Novak said at the Valdai Club's Global Energy and International Political Risks conference.
Oil market has suffered a severe crisis earlier this year against the background of the COVID-19 pandemic and the lockdown measures. However, it has started to show signs of improvement after Russia and other OPEC+ members agreed to cut the oil production.
