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Russian Deputy Energy Minister Pavel Sorokin said in an interview with RBC television on Friday that measures to curb the spread of the coronavirus have reduced oil demand in the United States, Europe and China by about 15-20 million barrels
per day.
The coronavirus epidemic has forced governments around the world to try to curb its spread
.
The entire country was under lockdown, and travel restrictions hit fuel demand, causing many airlines to ground flights
.
The impact of the coronavirus crisis has hit oil prices
.
Oil production this year has fallen by nearly two-thirds
this year after negotiations between OPEC and other major oil producers, including Russia, failed earlier this month.
Pavel Sorokin said OPEC's plan to increase oil production after negotiations failed to put additional pressure
on the market.
"We have already suffered a huge shock
because of the coronavirus," he said.
”
He added that if oil prices remained at $25 a barrel for two to three years, it would create "big problems.
"
Europe has been stockpiling cheap oil, and storage facilities in the region will reach saturation in just over a month
.
Global oil production is about 100 million barrels
per day.
Russian Deputy Energy Minister Pavel Sorokin said in an interview with RBC television on Friday that measures to curb the spread of the coronavirus have reduced oil demand in the United States, Europe and China by about 15-20 million barrels
per day.
The coronavirus epidemic has forced governments around the world to try to curb its spread
.
The entire country was under lockdown, and travel restrictions hit fuel demand, causing many airlines to ground flights
.
The impact of the coronavirus crisis has hit oil prices
.
Oil production this year has fallen by nearly two-thirds
this year after negotiations between OPEC and other major oil producers, including Russia, failed earlier this month.
Pavel Sorokin said OPEC's plan to increase oil production after negotiations failed to put additional pressure
on the market.
"We have already suffered a huge shock
because of the coronavirus," he said.
”
He added that if oil prices remained at $25 a barrel for two to three years, it would create "big problems.
"
Europe has been stockpiling cheap oil, and storage facilities in the region will reach saturation in just over a month
.
Global oil production is about 100 million barrels
per day.
