No oil shortage on world market amid escalation of conflict in Middle East
ST. PETERSBURG: There is no oil shortage on the world market due to escalation of conflict in Middle East, but the associated risks are already reflected in prices, Russian Deputy Prime Minister Alexander Novak said on Wednesday, according to Sputnik/RIA Novosti.
"There is no such thing. The balance is maintained. Deliveries are being made. The market evaluates certain risks, so this is reflected, among other things, in the price," Novak said on the 2025 St. Petersburg International Economic Forum (SPIEF) sidelines.
Novak added that Russia sees no risk of reducing its oil exports, as numerous ships are currently waiting despite the escalation in the Middle East.
"We do not see such [prerequisites]. The market is fully supplied with energy resources on the domestic market and for export," Novak replied when asked if there was a decline in Russian exports due to tankers taking a wait-and-see attitude at sea amid the escalating conflict between Israel and Iran.
Novak did not comment on forecasts of an increase in oil prices to US$100 per barrel amid the escalation in the Middle East.
The Russian city of St. Petersburg will host the 28th edition of SPIEF from June 18-21 under the theme of "Shared Values: The Foundation of Growth in a Multipolar World". Rossiya Segodnya international media group, RIA Novosti's parent company, is the forum's information partner.
-- BERNAMA-SPUTNIK/RIA NOVOSTI
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