Novak reveals when the oil market will recover from the Corona crisis

Moscow-Sana

Russian Deputy Prime Minister Alexander Novak revealed his forecast for the global oil market in 2021, which has been hit hard by the Corona virus crisis.

Russia Today quoted Novak, who was previously the Minister of Energy, as saying during a television interview today, “He expects additional oil demand between five and six million barrels per day next year,” adding, “The emergence of vaccines against Corona will help the recovery of oil demand.” .

Novak indicated that the market may return to pre-crisis during 2021 and said, "At the end of 2020 we observed a recovery in demand, but it did not reach the pre-crisis level, and we hope that in 2021 we will reach the level that was before the spread of the pandemic."

Novak pointed out that global demand for crude is still below pre-crisis levels by up to eight million barrels per day, when it was about 100 million barrels per day.