Russian Deputy Prime Minister Novak said that due to the Middle East crisis, the global oil market has lost 2.2 billion barrels of oil. In an interview during Russia Energy Week, Novak said, “We are still seeing that supply in the Strait of Hormuz has not recovered... Volatility is very high, the market is expecting an improvement, and prices are still very high. But if this continues, I think the price will rise further.” He believes that global reserves of petroleum and petroleum products are being exhausted. Novak also believes that if exports of petroleum and petroleum products from Persian Gulf countries are resumed through the Strait of Hormuz, the global oil market will restore balance within 1 to 1.5 years.

Russian Deputy Prime Minister Novak said that due to the Middle East crisis, the global oil market has lost 2.2 billion barrels of oil. In an interview during Russia Energy Week, Novak said, “We are still seeing that supply in the Strait of Hormuz has not recovered... Volatility is very high, the market is expecting an improvement, and prices are still very high. But if this continues, I think the price will rise further.” He believes that global reserves of petroleum and petroleum products are being exhausted. Novak also believes that if exports of petroleum and petroleum products from Persian Gulf countries are resumed through the Strait of Hormuz, the global oil market will restore balance within 1 to 1.5 years.