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Russia: the impact of the epidemic on oil demand will last until 2024

2021-04-12 H:57:55
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Reuters learned a draft document of the Russian government that the epidemic will continue to affect global oil demand until 2024. Decarbonization plans in major European economies could become a new threat to Russia's oil industry.

According to the document's estimation of Russia's oil industry prospects in 2035, global oil demand will remain sluggish even by 2023 2024.

According to OPEC's monthly oil market report (momr) in March, global oil demand is expected to increase by 5.9 million B / d this year, up 90.4 million B / d last year. On the eve of last week's OPEC ministerial meeting, the Joint Technical Committee (JTC) said in its latest forecast that demand growth in 2021 will be 5.6 million B / D, 300000 B / D lower than the estimate in OPEC's monthly report.

Alexander Novak, Russia's deputy prime minister, agrees that demand growth this year is about 5.6 million B / d.

Russia's top oil diplomat said at last week's OPEC meeting that there are still many uncertainties in the global oil market, especially in Europe. In addition, Novak also pointed out that the current market demand for crude oil is 2 million barrels per day.

According to the document seen by Reuters, in addition to the epidemic situation, the low-carbon advocated by many developed economies has also affected Russia's oil industry, including Europe, Russia's main oil exporter.

According to the Russian government's estimation, the capital cities of many European countries, including Rome Paris, have launched the diesel vehicle flow restriction plan, which may have an impact on the demand for Russian crude oil petroleum products as early as 2024.

Earlier this week, Russia slashed its estimates of domestic crude oil, natural gas coal production in 2021 2022, according to a revised government energy development plan, but its estimates of oil production in 2023 2024 remained unchanged.

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Source: China Energy Network







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