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World oil market faces supply shortage, which supports prices — Energy Ministry

Deputy Prime Minister Alexander Novak said earlier that Russian oil, despite the embargo and the price cap, will be in demand, although the measures will affect Russian companies

MOSCOW, December. /TASS/. The world oil market is currently experiencing a shortage of supply, including diesel, and this supports the price, Russia’s First Deputy Minister of Energy Pavel Sorokin told reporters.

"Of course, the risk of a recession may add to volatility, but the absence of an excess supply of oil on the world market and a clear deficit in certain positions of oil products, such as diesel, support prices," Sorokin said.

"Also, do not forget about the flexibility of the ruble exchange rate in case of oil price fluctuations," he added.

Deputy Prime Minister Alexander Novak said earlier that Russian oil, despite the embargo and the price cap, will be in demand, although the measures will affect Russian companies. The introduction of a price cap on Russian oil by Western countries will only lead to an even greater increase in fuel prices due to a shortage of supply, Novak added. "We do not accept the mechanisms that have been adopted -limiting prices artificially," he said. "This can only lead to a global decline in investment, a future shortage of relevant resources. This, in turn, will lead to an even greater increase in prices," Novak added.

On December 5, an embargo on the delivery of Russian oil by sea to EU members went into effect, as did a resolution by the EU, the G7, and Australia to set an adjustable price cap for Russian oil supplied by sea at $60 per barrel. According to Novak, Russia intends to develop a mechanism that will prohibit trading based on the rubles of the oil price cap.

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