Russia's deputy energy minister Sorokin: Return to pre-virus oil demand will take a long time

Market news

6 May 2020

Russia's deputy energy minister Sorokin: Return to pre-virus oil demand will take a long time

No reasons for oil to fall to or below zero now
We can see first signs of recovery in the oil market
Nobody is interested in breaking OPEC+ deal now
Full compliance may be difficult for some countries
Violation of OPEC+ deal would bring new collapse in oil
Global oil demand fall eased to 21.5-27 mln bpd now from decline of 30 mln bpd
Second wave of economic slowdown is not ruled out, including U.S. trade war with China

USD/CNH remains positive above 7.0850 - UOB

EU's Economy Commissioner Gentiloni: Commission will present idea for EU recovery fund in next weeks

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