MINERALNYE VODY, April 30. /TASS/. High prices of oil caused by the crisis in the Middle East are not profitable for its producers in the long term as they encourage consumers to seek alternative energy sources, Russian Deputy Prime Minister Alexander Novak said.
"Of course, I’d like it (oil crisis - TASS) to end sooner, because the market is already destabilized. This is an unstable situation for oil and gas producers and consumers. It causes an imbalance between supply and demand, leading to high prices, which is also bad for producers, because consumers are looking for other, alternative ways to secure energy resources in the long term," he told reporters.
Oil prices may continue to rise if the conflict in the Middle East drags on, Novak added.