Russia’s Energy Minister believes crude oil demand could fully recover to pre-COVID levels by 2021 This statement came after the head of Russia’s sovereign wealth fund said there was no point extending the new OPEC+ production cuts past July Novak’s comments contradict predictions by Moody’s that oil demand will never return to pre-COVID levels Crude oil demand could recover to levels last seen before the coronavirus pandemic sometime next year, Russia’s Energy Minister Alexander Novak told German daily Handelsblatt in an interview . “Of course, it won’t happen this year,” he said, referring to the recovery in oil demand. “We hope it will happen next year, but it could take another two or three years.” Novak’s comments come on the heels of a statement by the head of Russia’s sovereign wealth fund, Kiril Dmitriev, who said there was no point in extending the deepest OPEC+ production cuts beyond the […]