The global oil market is missing between 4 and 6 million barrels per day due to restrictions in the Strait of Hormuz, Russian Deputy Prime Minister Alexander Novak said. According to him, up to 20% of the oil that previously passed through the strategic route has not yet fully returned to the market.
“If this situation continues, prices may rise further“, Novak said in an interview with “Solovyov Live“, quoted by Russian media. He said that the possibilities for additional use of the world's reserves of oil and petroleum products are gradually being exhausted, while the demand for the raw material remains high.
Novak expects a prolonged imbalance
According to the Russian Deputy Prime Minister, the instability of the energy market is already affecting gas. He pointed out that prices in Europe have increased fourfold. Novak added that the restoration of supplies from the Persian Gulf countries could balance the market within a year to a year and a half, but did not rule out a longer period of tension.
He said that Russia has no problems with selling its oil, as many countries are interested. “In the sale, a contract is usually concluded with the one who needs it and offers the best conditions“, Novak said, quoted by “Vedomosti“.
The Russian Deputy Prime Minister also claimed that countries that have most categorically refused Russian energy resources are already looking for opportunities to restore supplies. As an example, he cited the European Union, which, according to him, has replaced part of Russian supplies with liquefied natural gas from the United States and has increased its costs.
First tanker from “Vostok Oil“
Novak announced that the first tanker with oil from the large-scale “Vostok Oil“ project has already sailed from the port of Dixon to the world market. The “Rosneft“ project is being developed in the northern part of the Krasnoyarsk Territory and is associated with the extraction and export of oil through the Arctic infrastructure.
The announcement comes against the backdrop of Moscow's stated intention to increase its role in global energy markets. Novak said that Russia is ready to continue and increase supplies to Europe. According to his data, since 2022, the country has supplied European countries with energy resources worth $ 320 billion, and in the first nine months of 2026 the value was $ 21.3 billion.
Diesel for the US remains a separate topic
At the end of last week, Novak said that Russian companies are discussing with potential buyers and the US authorities the possibility of supplying diesel fuel to the US. According to him, the necessary procedures could take two to three weeks.
He described the agreements between Moscow and Washington as a pragmatic solution that could partially balance the global market. Novak also assured that exports would not threaten the supply of the Russian domestic market.
Sources: rbc.ru, vedomosti.ru, tass.com