Politics

​Experts: “Global oil demand may drop 9-15% this year”

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Global oil demand may drop 9-15% to 86-91 million barrels a day in 2020, said ACRA (Analytical Credit Rating Agency, Report informs, citing TASS.

The Agency’s experts think that the decline in the demand may result in a reduction in Russia’s revenues from the export of oil and oil products by 50-60% to $75-95 billion.

Next month, the countries with the largest economies will ease the quarantine regime, lift the restrictions on people’s movement. Consequently, the demand for transport services and fuel (oil) will increase. Therefore, the analysts forecast oil prices to be $35-40 a barrel from the second half of 2020, $37-42 – from 2021. Russia’s revenues from the export of oil and oil products may reach $100 billion next year.

However, experts say the low oil prices may last until 2025 because of the inexistence of new agreements within the OPEC+ and restart of price wars. 

Report

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