In general, the global oil market may recover from the consequences of the coronavirus pandemic by next spring, however, fluctuations in commodity prices will be serious. According to the president and co-owner of Lukoil Vagit Alekperov, they can vary from zero to infinity, reports TASS…
According to his forecasts, the recovery will occur just after the expiration of the OPEC + deal to curb production. “We all hope that the market will recover by this time. Plus, the delayed demand will probably have an impact, ”Alekperov promised.
The head of Lukoil clarified that the deal itself is likely to continue. “But fluctuations in the market are possible from zero to infinity,” he said and stressed that prices are currently stable.
Earlier in June, Russian Deputy Prime Minister Alexander Novak named a condition under which oil prices would rise to $ 200 per barrel. He believes that this is possible if funding for new oil projects is cut off. “I cannot imagine that investments in new oil projects will stop from tomorrow. Well, what will happen? Oil prices will probably be $ 200, or gas prices will skyrocket. Volatility will rise, ”he commented on a recent proposal by the International Energy Agency (IEA).
According to the head of the Accounts Chamber, Alexei Kudrin, the end of the oil era may come in 10 years. He believes that it is necessary to invest in the development of alternative energy sources now.
Russian President Vladimir Putin also spoke about the development of green energy. During his speech at the St. Petersburg International Economic Forum (SPIEF), he, among other things, called on Russian companies buying hydrocarbons abroad to invest in Russian climate projects. The head of state also demanded to outplay Europe on the issue of saving the climate, reducing by 2050 the volume of greenhouse gas emissions in Russia more than in the EU.