The daily growth rate of global oil demand has seen a year-on-year decline of 33.3% to 1 million barrels per day, Russia's Energy Minister Alexander Novak said Thursday.
Novak, commenting on the global oil market during Russian Energy Week in Moscow, said the economic slowdown in the EU and China because of trade wars had affected global oil demand.
He added that U.S. oil reserves, as well as those of the Organization for Economic Co-operation and Development (OECD) countries and the global market have also impacted prices.
“As the Organization of the Petroleum Exporting Countries (OPEC) and non-Opec oil producers, we do not see a crisis. However, we can interfere by boosting oil production if it evolves to a crisis as we have been doing over the last three years to help balance the market,” Novak stated.
Reporting by Emre Gurkan Abay in Moscow
Writing by Talha Yavuz