A decline in crude oil supply after 2020 could lead to higher prices, the Russian Energy Ministry said in a draft energy strategy document. The same document, however, also saw a bleaker future for oil demand, forecasting that it will slow in the coming years and maybe peak before 2030, TASS reported , quoting the draft strategy. “Demand for oil products will be formed under the influence of growing consumption in the transport sector simultaneously with decreasing demand in the household and commercial sectors, as well as in the electric power industry,” the draft also said. Even if prices fall a lot further, however, Russia will have commercially viable reserve sufficient for three years, in a scenario with oil prices at $25-30 per barrel. That’s what Finance Minister Anton Siluanov said earlier this week, suggesting there was such a possibility. “Since oil prices are unlikely to increase dramatically, then […]