Oil industry investments to drop by third globally - Novak

Thursday, 02. July 2020 12:06

Russia's Energy Minister Alexander Novak (pictured right) estimated on Thursday that the investments in the oil industry will fall by approximately a third on a global level in 2020, as the decline in oil demand in April stood at 25-28%, or about 28 million barrels per day (bpd).

However, he did not eliminate the possibility of the global oil market experiencing a slight deficit in July as the economic reopening continues around the world, and the activity slowly picks up the pre-pandemic pace.

"Everyone agrees - we are expected to change the structure of the energy sector. The share of renewable energy by 2040 will be 65-68%, much higher than previously predicted," Novak said at a videoconference, adding that the "environmental requirements will only increase so investors will limit their participation in non-environmentally friendly projects."

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Breaking the News / MS