Global investment in oil is set to plunge by one-third this year due to the coronavirus and its effect on economies and oil demand, Russia’s Energy Minister Alexander Novak said at an online conference on Thursday. At the peak of the pandemic in April, global demand crashed by 25-28 percent, or by 28 million barrels per day (bpd), Novak said, noting that the new OPEC+ production cut agreement is helping the market rebalance. That balance, and even a deficit, could be reached this month, the Russian minister said. Novak’s views on the market rebalancing and investments in the oil industry echo assessments of analysts ... (full story)