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Russian oil still in demand, needed for global energy balance — Novak

The minister also added that the discount on Russian oil has increased due to the fact that purchasers consider potential risks and that he expected it to decline as the situation stabilizes

Russian Deputy Prime Minister Alexander Novak Sergei Bobylev/TASS

Russian Deputy Prime Minister Alexander Novak

© Sergei Bobylev/TASS

ASHGABAT, January 19. /TASS/. Russian oil remains in demand on the world market, as it is difficult to ensure global energy balance without it, Russian Deputy Prime Minister Alexander Novak told reporters on Thursday.

"It should go without saying that our oil is in high demand. In terms of exports, we have a sizable market share. As a result, ensuring energy balance today is difficult to achieve without Russian oil," he said.

Novak also noted that oil output and exports in January remain at the level of December.

He also added that the discount on Russian oil has increased due to the fact that purchasers consider potential risks and that he expected it to decline as the situation stabilizes. "Of course, we see now that the discount on our oil has slightly increased, which is natural as purchasers take risks into account. However, considering the stabilization of the situation, we expect the discount to go down," he said.

The G7 countries, the EU, and Australia have set a price cap for Russian oil delivered by sea at $60 per barrel beginning December 5, 2022, for their vessels and territory. Furthermore, beginning February 5, 2023, marginal prices for oil products will come into force, the specifics will be determined later.

Russian President Vladimir Putin signed a decree on retaliatory measures on December 27, 2022, prohibiting the delivery of Russian oil from February to buyers who joined the restrictions.

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