Alexander Novak: Oil demand recovered by 20% in May against April
"Despite the grave situation, the industry continues working. We also see that motor gasoline prices remain flat year-to-date and diesel fuel prices increased by just 1.5% from the year-start," the Minister noted.
The oil surplus is about 7-12 mln barrels per day so far but the Energy Ministry expects market rebalancing owing to demand growth in June - July, Novak added.
The demand for oilfield services plummeted 50% and the government has prepared support measures for the sector, informs TASS.
"We have prepared a range of proposals related to support of [oilfield service] companies, with the demand for their services down by 50% approximately. [The demand] should be brought to at least 80% of the level, as it was last year," the source noted.