2 Apr 2020 14:30

Russian Energy Ministry has looked at stress scenarios on oil market, need to monitor situation - Novak

MOSCOW. April 2 (Interfax) - The Russian Energy Ministry considers it necessary to monitor the situation on the oil market on a daily basis, Energy Minister Alexander Novak said during a government meeting, reporting on the Energy Strategy.

"In the short term, we are also taking into consideration the current complicated macroeconomic situation, which, primarily, is today influencing the oil and gas sector in light of the significant reduction in global prices as a result of a fall in the world's economic activity due to the quarantine measures taken against the spread of the coronavirus pandemic," Novak said.

"We have looked at stress scenarios, taking into consideration the current state of the market, the significant reduction in demand for energy resources in the short-term perspective," he said.

"Today, we consider it a highly important task to monitor the situation on a daily basis and to pay attention to the stability of the fuel and energy companies sector in the current conditions," Novak said.