Russia's Novak: Global oil demand may drop by 150-200K bpd in 2020 vs. 2019

Global oil demand in 2020 could fall by between 150,000 and 200,000 barrels per day (bpd) when compared to 2019, Russia's Energy Minister Alexander Novak said on Friday, as reported by Reuters.

"Uncertainties in oil production persist in Libya, Iran and Venezuela," Novak added and noted that the oil production in the US was expected to rise by less than 1 million barrels per day in 2020. "We have no information on restrictions on Russian oil and gas supplies to China," Novak concluded.

WTI reaction

The barrel of West Texas Intermediate (WTI) edged lower on these comments and was last seen trading at $50.60, erasing 0.9% on a daily basis.