Russia's Novak: Reduction of oil demand in 2020 to stand at 9-10 million bpd

The reduction of the oil demand for 2020 is expected to stand around 9-10 million barrels per day (bpd), Russian energy minister Alexander Novak said on Friday, as reported by Reuters.

Novak further acknowledged that oil prices are likely to remain volatile. "We have all the tools not to overheat the oil market," the minister added.

Market reaction

Crude oil prices edged slightly lower following these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $41.60, gaining 0.8% on a daily basis.