The equations of the energy market have changed / Russia's warning about the Strait of Hormuz

Russia considers the developments in the Strait of Hormuz a warning for the global energy market; A senior official in the Moscow government says that a disruption in oil transport routes could severely affect global supply.

Ambassador Arjan: Russia considers the developments in the Strait of Hormuz a warning for the global energy market; A senior official in the Moscow government says that a disruption in oil transport routes could severely affect global supply.

Speaking at the Russian Energy Week forum in Moscow, Russian Deputy Prime Minister Alexander Novak said that although the global market remains intact, it is changing under the pressure of tensions in energy corridors.

According to RT, he added that the market is currently facing a significant crisis and has reached 25% due to the lack of oil from the Persian Gulf region.

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He noted that the prices of energy and petroleum products are almost double their level at the beginning of the year, and insurance and transportation costs have also increased.

Novak confirmed that Moscow is ready to participate in restoring balance to the energy markets.

He added that Russia remains a reliable supplier to global markets, including the West, and stated that Moscow has supplied Europe with $320 billion in energy since 2022.

He added that Russia is the main supplier of diesel fuel for Latin America, Türkiye and Africa.