Russian Oil Minister: Get Ready for a Significant Uptick In Crude Oil Demand

Global oil demand will recover significantly next month, climbing to be within 10% of the level that the world saw prior to the coronavirus pandemic, Russia Energy Minister Alexander Novak said on Thursday, according to Reuters. That demand, according to Novak, was off by 25% in April, compared to demand levels before the virus hit, causing major lockdowns the world over—including the world’s top two oil consumers, China and the United States. OPEC seems to agree. Yesterday, OPEC agreed to relax on August 1 its production cuts that…