MOSCOW, September 1. /TASS/. The current high oil prices reflect the situation on the world market, Russian Deputy Prime Minister Alexander Novak told reporters.

"Prices are those that reflect the current situation," he said.

Novak agreed with the opinion of the Minister of Energy of Saudi Arabia, who believes that now the price of an oil futures contract is out of touch with reality. The Deputy Prime Minister added that its high price was in particular caused by the imposed sanctions.

Earlier, Novak reported that the market has stabilized, there is no significant surplus or shortage of supply. Usually, these trends push oil prices up or down.

"Today, indeed, there is often an isolation (of futures price from the market situation), because the market is destabilized, primarily by these various sanctions and restrictions [imposed] not only on countries such as Venezuela, Iran, but now also on Russian oil. And Russia is still a big player in the global market," he said.

"Therefore, this causes only destabilization among market participants, and prices often take into account some sanctions restrictions and risks that are out of touch with life," the Deputy Prime Minister added.