Russia forecasts depressed oil demand until 2023-24 due to Covid-19

London - (Quantum Commodity Intelligence) - Russia is forecasting depressed demand for oil and refined products due to the impact of Covid-19 to last until 2023-2024, according to Reuters Thursday, who cite a draft government document.

The document, which covers oil industry developments up until 2035, also mentions a risk to the country's oil industry from efforts to decarbonise in major economies around the world.

Crude oil prices will be in the $50-$75/b range by 2025, before falling slightly in the second half of the decade without falling much below $50/b, according to the document.