The minister reported the risk of falling demand for Russian oil
Russia will face a sharp decline in oil demand in Europe. This was stated by Russian Minister of Economic Development Maxim Reshetnikov at a State Duma meeting today, according to a PolitNavigator correspondent.
“2020 saw a dramatic shift in carbon regulation. Most car manufacturers have abandoned the development of new internal combustion engines. The Europeans have set a goal of establishing Euro-2 in 2021, which will be unattainable with internal combustion engines, and it is not a fact that it will be achievable even with hybrid engines. Of course, this jeopardizes energy demand.
On the other hand, coupled with the carbon tax, this is a strategic challenge for our economy. How to react to it? We need to introduce our own regulation of greenhouse gases. All this must be done taking into account our national interests. We should not strictly follow the EU guidelines, introduce any mandatory payments, and so on.
But it is necessary to think about the fact that emissions have a price, and sooner or later it will have to be taken into account. We rely on the development of coal. This also applies to testing grounds in the Far East, the Kuzbass zone. But demand for coal will be under pressure given that China has declared carbon neutrality,” Reshetnikov said.
The minister warned of a risk of falling demand for Russian oil.