Russia, Saudi Arabia Highlight Uncertainty in Global Oil Demand at Forum
Key Discussions and Impacts on Global Oil Markets
Rising Uncertainty in Oil Demand
ST PETERSBURG, June 4 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Thursday there was rising uncertainty about global oil demand and that he had discussed this issue with Saudi Energy Minister Prince Abdulaziz bin Salman.
Conclusions from Russia-Saudi Meeting
"We came to the conclusion that no one really knows what to expect regarding demand at the moment. In other words, uncertainty has increased," Novak said after meeting the Saudi minister at the St Petersburg International Economic Forum.
Global Events Affecting Oil Supply
Impact of Geopolitical Tensions
The U.S. and Israel's war with Iran, subsequent damage to Iran and its Gulf neighbours' oil infrastructure and the effective closure of the Strait of Hormuz shipping lane have caused one of the largest oil supply crises in history.
Need for Revised Demand Estimates
"Estimates made just a few years ago now need to be fundamentally revised," Novak said, adding that the OPEC+ group of crude oil exporters would be able to offset changes taking place in the sector.
Reporting Credits
(Reporting by Olesya Astakhova and Vladimir Soldatkin, Writing by Felix Light and Alessandra Prentice; Editing by Mark Trevelyan)
