- December 9, 2020
Russia weighs scenarios for declining global oil demand
ANYA ANDRIANOVA AND EVGENIA PISMENNAYA
The Finance Ministry of the world’s biggest energy exporter has started preparing for the possibility of lower budget revenues in case global oil demand declines sooner than expected. A drop in mobility due to the coronavirus has coincided with increased efforts to combat climate change this year to completely alter the outlook for fossil fuel demand. BP Plc became the first major oil giant to admit in September that oil consumption may never return to levels seen before the pandemic. Since then China and the U.S., the world’s two biggest economies, have stepped up commitments to transition to clean energy.