Russian Energy Minister Alexander Novak called on all stakeholders in the global energy sector to join efforts to face the repercussions of the spread of the Corona virus, which has weakened demand for fuel.
Novak also said in an Internet conference of G20 energy ministers that global oil demand fell this year by up to 10% due to the crisis, which prompted companies to reduce their investment in production by 25 to 30%.
The minister commended the efforts of OPEC and OPEC + group of major producers, led by Russia, to stabilize the crude market.
He said, “Our mission, as the leaders of the energy industry, is to show resilience and solidarity in the face of challenges like these.”
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