Global oil demand may decline as most countries have already revealed deadlines for the transition from internal combustion to electric engine, Azerbaijan Minister of Finance Samir Sharifov said at today’s joint session of the Milli Majlis committees.

Report quotes him as saying it may undoubtedly reduce demand for traditional energy sources and have a negative impact on the revenues of countries and companies engaged in oil and gas production.

The minister said that the question of the extent Azerbaijan is ready to face this challenge is raised in the five-year strategy of the country’s national development.