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Deep crisis seen on global oil market — deputy PM Novak

According to the official, demand significantly exceeds supply

MINERALNYE VODY, April 30. /TASS/. The global oil market is experiencing a deep crisis, with large volumes of oil not reaching the market, Russian Deputy Prime Minister Alexander Novak told reporters.

"Therefore, we see that a profound crisis in the industry continues. A huge amount of oil is not entering the market today. Demand significantly exceeds supply. Of course, we see an imbalance due to serious logistical difficulties and the situation in the Middle East," he said.

Novak noted that all this is negatively impacting the market, "but overall, we believe that this is also not a positive factor for the oil industry, because consumers are forced to seek alternative sources due to high prices."

"Therefore, it would be more appropriate for the market to be balanced and long-term focused for both consumers and producers," he concluded.

The US and Israel launched a war against Iran on February 28.

The Caucasus Investment Forum is taking place on April 28-30 at the MinvodyExpo International Exhibition Center in the Stavropol Region.

The forum is organized by the Roscongress Foundation with the support of the Russian Government, the Economic Development Ministry and the Government of the Stavropol Region. TASS is the forum’s media partner.

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