Valdai Club

Although the current crisis in the oil market is associated with many factors, the most significant of them is the spread of COVID-19 and related quarantine measures, said Pavel Sorokin, Deputy Energy Minister of Russia, at an expert discussion, held online by the Valdai Discussion Club on March 27. He said the effect of the coronavirus was “stunning”, because about 60% of oil consumption is used for mobility – ships, planes, personal cars – and since people around the world have sharply reduced the use of transport and commercial transportation, the market has to pay a hefty price for it.

On March 27, at 10:00, the Valdai Discussion Club will host an online discussion, titled: “Oil Wars: A Zero-Sum Game.”