MINERALNYE VODY, April 30. /TASS/. The global market lost a total of around 600 mln barrels of oil since the Middle East crisis began, Russian Deputy Prime Minister Alexander Novak said.
"Today, we see an imbalance, as around 10-12 mln barrels per day are not delivered to the market each day. According to our calculations, this amounts to about 600 mln barrels in total over the crisis period. This is a fairly large volume," he said in an interview in the Vesti program on the sidelines of the Caucasus Investment Forum.
For this reason, many countries are forced to use their reserves and deplete the stocks they have accumulated, Novak noted. "But this is precisely what they were accumulated for," he stressed.
After the crisis ends, countries will have to replenish oil reserves, which is why demand will be high, Novak said, adding that "the market will be in turmoil for some time, and it will take several months to balance out."
The Caucasus Investment Forum is being held from April 28 to 30 in the Stavropol Region. Some 6,000 people are expected to take part in it, including representatives of federal and regional authorities, businesses, and experts. The forum was organized by Roscongress Foundation with the support of the Russian government, the Russian Economic Development Ministry, and the government of the Stavropol Region. TASS is its information partner.