The pandemic could continue to impact global oil demand until 2024, while the decarbonization plans in major European economies could arise as a new threat to Russia’s oil industry, according to a draft document of Russia’s government seen by Reuters . According to the estimates in the document about the prospects of Russia’s oil industry through 2035, global oil demand could continue to suffer through 2023 or 2024. This year, global oil demand is expected to rise by 5.9 million barrels per day (bpd) compared to last year’s demand of 90.4 million bpd, as per OPEC’s estimates in its March Monthly Oil Market Report (MOMR). Before the OPEC+ ministerial meeting last week, the Joint Technical Committee (JTC) forecast in its latest base-case scenario demand growth of 5.6 million bpd for 2021, or 300,000 bpd lower than the estimate in the OPEC monthly report. Russia’s Deputy Prime Minister Alexander Novak […]