COVID-19 has created a demand shock in the oil market as social distancing reduces movement and daily travel for more and more of us each day. At present, most of the reporting agencies expect oil demand growth this year to be largely flat, well below the 1.2 million barrels/day (mmb/d) expected just a few months ago. And this demand growth forecast will likely be revised down further as large gatherings are cancelled, schools shut their doors, and companies implement policies to encourage or mandate working from home.

In the run-up to SPIEF, Tatsuo Yasunaga, President and CEO of Mitsui & Co, one of the largest investment companies in Japan and the oldest in the Russian market, tells about the terms of business development between the countries.