Filled with oil storage market threatens to collapse. This was stated by Russian energy Minister Alexander Novak, reports TASS.
He noted that the growth in demand for oil expected in the second half of 2020.
“Most experts agree that we have a peak reduction in demand, and the market will recover. You need to pass this pic to not fill the store,” explained the Minister.
Novak also spoke about the price of oil may futures of WTI, which fell to negative values April 20. He urged not to take it seriously, noting that this situation “has no relation to the real oil market.”
“At the last moment they were not wanted, and therefore sold at a bargain price,” added the Minister.
Earlier on 26 April, a Kremlin spokesman, Dmitry Peskov, said that Russia can live in conditions of extremely low oil prices.