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Europe may have huge shortage of petroleum products after embargo on Russian supplies

The decision of the European Union is political to a greater extent, rather than economical, Russian Deputy Prime Minister Alexander Novak underscored

MOSCOW, June 2. /TASS/. The decision of the European Union on the partial embargo for Russian oil is deferred and the market should manage to reshape during that time, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV Channel.

"As regards decisions of the European Union on embargo, this is a deferred decision. Six-eight months will pass; the market should readjust itself by that time," Novak said.

The decision of the European Union is political to a greater extent, rather than economical, because European consumers will be the first to suffer from it. "We see the price growth not only for oil but also for oil products. I do not rule out there will be a huge deficit of petroleum products in the European Union is not excluded, he added.

European countries will have to change stable ties existing for decades to ensure oil delivery for refining and redirect feedstock from other markets, the Deputy Prime Minister said. Russian oil and petroleum products will also go to other markets, Novak noted.

"I am confident the market will be balanced; new transport and logistical chains will be built. There will be new relations, new markets," he added.

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Alexander Novak

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