Oil demand may not return to 2019 level due to changes in global energy policy

Amid the transition to new energy policy in the world, the Russian authorities expect an increase in the downward dynamics of the oil market in the medium and long term together with the ongoing increase in price volatility

MOSCOW, September 21. /TASS/. Oil demand may not recover to 2019 level amid changes in the global energy policy, according to the documents attached to Russia’s draft federal budget for 2022-2024, which were obtained by TASS.

“A sharp rise in payments for carbon emissions will lead to a significant change in the global energy balance, and a decline in oil demand – according to some estimates, oil demand may not recover to the level of 2019,” the documents say.

Amid the transition to new energy policy in the world, the Russian authorities also expect an increase in the downward dynamics of the oil market in the medium and long term together with the ongoing increase in price volatility.

Earlier, Russian Deputy Prime Minister Alexander Novak said that the oil market could fully recover in 2022. He noted that Russia expects a recovery in oil demand growth in 2021 by 5.8-6 million barrels per day. In his opinion, the OPEC+ deal made it possible to remove the excess supply on the market, which had accumulated during the period of declining demand.

Internet Explorer Channel Network
News Related


Filed plea in SC to transfer Mehbooba Mufti's petition in PMLA case, Centre tells HC

Representative image The Centre Wednesday informed the Delhi High Court that it has filed a plea before the Supreme Court seeking the transfer of PDP leader Mehbooba’s Mufti’s petition which ... Read more »

MFIs should not throw caution to wind for higher asset growth, returns: RBI DG M Rajeshwar Rao

Representational image. Reserve Bank of India Deputy Governor M Rajeshwar Rao on Wednesday said while the central bank will foster growth in the microfinance (MFI) sector, the lenders in the ... Read more »

Maruti: Q2 Result | Profit declines 65% to Rs 475 crore, revenue rises 10% Rs 20,539 crore

Maruti Suzuki has lost market share from 51 percent to 47 percent in the current quarter. (Representative image) India’s largest passenger vehicle manufacturer, Maruti Suzuki India Limited (MSIL), declared its ... Read more »

Swiss Re to buy 23% stake in Paytm Insuretech for about Rs 920 crore

Digital payments and financial services firm Paytm on Wednesday said Switzerland-based reinsurance major Swiss Re will buy a 23 per cent stake in Paytm Insuretech for about Rs 920 crore. ... Read more »

Executive's tongue-in-cheek pledge to commit hara-kiri if his lithium battery firm doesn't hit market cap target draws warning from Shanghai Stock Exchange

Nuode Investment, a maker of foils for lithium ion batteries, has received a warning from the Shanghai Stock Exchange after an executive made a bet that he would commit hara-kiri ... Read more »

High gas price takes a toll: plug pulled from first energy supplier

The approximately 90,000 customers do not have to worry about running out of gas and electricity, the ACM emphasizes. They will receive a new contract from Eneco as of 1 ... Read more »

Greenpeace wants a ban on short flights in the EU and more train transport

Photo: ANP Greenpeace wants a ban on short-haul flights in the European Union if a train ride of less than six hours is an alternative. According to the environmental organisation, ... Read more »

Delhi schools reopening from November 1 with 50% capacity

Manish Sisodia (Illustration by Suneesh K) All schools in Delhi will be allowed to reopen for in-person classes from November 1, Deputy Chief Minister Manish Sisodia announced on October 28. ... Read more »

Schools in Puducherry to reopen on November 8 for classes 1 to 8

Puducherry Education Minister A Namassivayam on Wednesday announced here that all government and privately managed schools in the union territory and its outlying regions of Karaikal and Yanam would reopen ... Read more »

Lotus Herbals attains 32% strategic stake in Fixderma India

Beauty and personal care company Lotus Herbals has acquired a 32 percent strategic stake in the direct-to-consumer (D2C) dermaceuticals company Fixderma India, which housed brands such as Fixderma and FCL. ... Read more »

Lumax Group looks at Rs 450 crore capex in FY22-23

Lumax operates 33 plants, which are controlled by 15 entities. Lumax Group, a Gurugram-based leader of automotive lighting and gear shifter manufacturing, has lined up a capital expenditure (capex) plan ... Read more »

Russia's anti-monopoly watchdog launches case against Apple

According to FAS, the company did not comply with the warning over the tech giant abusing its market dominance, following appeals from users of iOS devices and application developers Read more »

Plug pulled from first energy supplier

Customers do not have to worry about running out of gas and electricity, emphasizes the ACM. They will receive a new contract from Eneco as of 1 November. After 30 ... Read more »

Subscribe to FSN E-Commerce Ventures: KR Choksey

KR Choksey IPO report on FSN E-Commerce Ventures FSN E-Commerce Fashion or “Nykaa“ is a multi-brand beauty, personal care and fashion platform. Nykaa is founded and promoted by Falguni Nair, ... Read more »

IPL's media rights value set to soar and digital, new franchises could be game changers

The Indian Premier League trophy (Image courtesy: Twitter/@IPL, BCCI) One of the world’s biggest sports leagues, the Indian Premier League (IPL) which now has two new franchises is expected to ... Read more »

CCI raids Associated Alcohols, Som Distilleries in price fixing probe: Report

Source: Reuters India’s antitrust watchdog on Wednesday raided offices of Associated Alcohols & Breweries and Som Distilleries as part of an investigation into alleged price fixing in liquor products, two ... Read more »

Large private banks to become bigger, consolidation likely over FY22-24, says Acuite

Acuite Ratings expects overall GDP growth for FY21 to be in the band of 2-3 percent which takes into account a significant economic revival in the second half of the ... Read more »

Non-financial assets in the Netherlands increased to 4.2 trillion euros

Non-financial assets are all non-monetary items that can be sold. Houses and the ground under the houses were worth a total of more than 2.4 trillion euros. Business buildings (and ... Read more »

More businesses put in false insurance claims in 2020: insurers

Sign here please. Photo: Depositphotos.com Some 13,000 people were caught trying to defraud their insurers last year, among them a rising number of businesses, insurers association Verbond voor Verzekeraars has ... Read more »

Bank of Thailand extends bond support fund until end-2022

The central bank said on Wednesday it extended a corporate bond stabilisation fund for another year to the end of 2022 as the coronavirus situation remained highly uncertain. The fund ... Read more »

Hong Kong house prices fall by the most in nearly a year as volatile stock market hits buying sentiment

Hong Kong’s lived-in home prices declined by the most in nearly a year in September, after touching a record high in July as buying power was hit because of a ... Read more »

41 pregnant women die of COVID-19 in Kerala, 149 patients end life: Govt

As many as 41 pregnant women have so far succumbed to COVID-19 in Kerala after the virus infection broke out in the southern state one and half years ago, state ... Read more »

Office space renewals gaining pace; NCR, Bengaluru most resilient

The occupiers’ decisions are quicker than 2020, with the focus on new-generation offices. [Image: Reuters] With most corporates planning to get employees back in office, renewals for office space is ... Read more »

LG Chem to set up battery separator plant in Hungary with Japan's Toray

By Kim Seung-yeon SEOUL, Oct. 27 (Yonhap) — LG Chem Ltd., South Korea’s leading chemical company, said Wednesday it will build a battery separator production plant in Hungary with Japanese ... Read more »

Sigachi Industries IPO opens from November 1, price band set at Rs 161-163 a share

Representative image Sigachi Industries’ initial public offering will open for subscription on November 1, the third IPO to be available for bids on the day along with Policybazaar and SJS ... Read more »

Here's why RERA is still a work in progress four years on

In May, the Supreme Court had said that WBHIRA creates a parallel regime and is in direct conflict with the Centre’s Real Estate (Regulation and Development) Act (RERA). The state ... Read more »

Ayodhya included in Delhi govt free pilgrimage scheme: Arvind Kejriwal

The decision was taken at a meeting held to review the national capital’s drainage master plan. The meeting was chaired by Kejriwal, according to the Chief Minister’s Office (CMO). The ... Read more »

Heineken loves corona headache, beer is getting more expensive

Heineken sold 60.2 million hectoliters of beer in the third quarter. That is considerably less than the 62.1 million hectoliters that analysts had assumed. Analysts expected an organic decline in ... Read more »

Scandal-plagued Activision Blizzard cancels event

Photo: ANP American video game producer Activision Blizzard, known for Call of Duty, Candy Crush and World of Warcraft, has decided to cancel a major, mostly virtual, event this winter. ... Read more »

YouTube, TikTok and Snap part of heated committee hearing

This was the first time Snap and TikTok have been quizzed in the meetings YouTube, TikTok and Snap were part of a recent Committee hearing in the US Senate. The ... Read more »

Amazon to create 200 more jobs in Singapore, opens new office over 3 floors at Asia Square

SINGAPORE – Amazon Singapore is set to create 200 more jobs by the end of next year, as the e-commerce giant scales up its presence through a new office spanning ... Read more »

Corbion still needs to boost margin with price increases

Nevertheless, the group looks back with satisfaction on the first nine months of 2021, in which it showed an organic turnover growth of 15.7%. Net sales in the period from ... Read more »

Water tycoon is China's richest as wealth crackdown batters Jack Ma

Bottled-water tycoon Zhong Shanshan has become China‘s wealthiest person, according to an annual ranking released Wednesday, as a government campaign to rein in the super-rich took a big bite out ... Read more »

SJS Enterprises IPO opens on November 1, price band at Rs 531-542 a share

Representative image SJS Enterprises, one of the leading players in the Indian decorative aesthetics products industry, has fixed November 1 as the opening date for its initial public offering (IPO) ... Read more »

Subscribe to FSN E-Commerce Ventures: Anand Rathi

Anand Rathi IPO report on FSN E-Commerce Ventures Nykaa are a digitally native consumer technology platform, delivering a content-led, and lifestyle retail experience to consumers. Since their incorporation in 2012, ... Read more »

Founder Evergrande asked to contribute to solving the crisis

Photo: ANP Chinese authorities have asked billionaire Xu Jiayin, the founder of ailing Chinese real estate developer Evergrande, to also tap his personal assets to solve the company’s massive problems. ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic