Russian Energy Minister Alexander Novak indicated that his country is doing everything in its power to prevent the collapse of the energy market and avoid the collapse of the global economy.
In his speech at a meeting of energy ministers at the G20, he added that the energy sector will need a long time to recover from the shock associated with the Covid-19 epidemic.
He continued, “This is the second meeting of the G20 energy ministers this year. We met in April to face the unprecedented contraction in economic activity … Russia has taken on itself unprecedented commitments in the field of spreading balance in the market, as a responsible element in the energy market.” We are doing our best to prevent the collapse of the energy market and the global economy. ”
He said, “The energy sector was one of the industries most affected due to the sharp decline in demand. In April we witnessed perhaps the worst period in which the demand for oil derivatives decreased by 28-30% due to the decrease in road and air transport. The volume of investment in oil extraction decreased by 25-30% We expect, on average, this year, a 10% decline in oil demand. ”
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