Alexander Novak warns of global oil supply deficit

Russian Deputy Prime Minister Alexander Novak has stated that the global oil market is missing between 4 and 6 million barrels per day due to restrictive measures in the Strait of Hormuz. According to Novak, up to 20% of the oil that previously passed through this strategic route has not yet been fully returned to the market. He warned that if this situation persists, prices could rise further, noting that options to utilize global petroleum reserves are being exhausted while demand remains high.

Novak also addressed energy market instability affecting gas prices, noting that prices in Europe have increased fourfold. He suggested that restoring supplies from Persian Gulf countries could balance the market within 12 to 18 months, though a longer period of tension is possible.

Regarding Russian exports, Novak confirmed that Russia faces no issues selling its oil due to high international interest. He noted that even countries that previously rejected Russian energy resources are now seeking ways to restore supplies. He cited the European Union as an example, which has replaced some Russian supplies with US liquefied natural gas at a higher cost.

Additionally, Novak announced that the first tanker from the massive Vostok Oil project has departed from the port of Dikson for the global market. The Rosneft project, located in the Krasnoyarsk Krai, focuses on oil production and export via Arctic infrastructure.