Hormuz clogging stop 6-7 million bpd of oil from reaching markets — Russian deputy PM
This really significantly introduces an imbalance between supply and demand that creates serious volatility in the market today, Alexander Novak said
MOSCOW, October 12. /TASS/. About 6-7 million barrels per day of oil does not reach the world markets through the Strait of Hormuz creating an imbalance between supply and demand, Russian Deputy Prime Minister Alexander Novak said in an interview with Vesti.
"Today on the sidelines of the World Petroleum Congress in Riyadh, a meeting of ministers, including the ministers of OPEC+ countries, took place, where we discussed the current situation on the global oil market, how the agreement is being implemented. And what is important, today we noted that so far about 6-7 million barrels per day have not entered the world market through the Strait of Hormuz. And this really significantly introduces an imbalance between supply and demand that creates serious volatility in the market today," he said.