Russian Deputy Prime Minister Novak reduces global energy demand

Alexander Novak also mentioned the severe price shock

Moscow, October 16. /TASS/. Russian Deputy Prime Minister Alexander Novak said at a public meeting at the Russian Energy Week forum that energy consumers are looking for alternatives to hydrocarbons as global demand declines.

"Consumers today are looking to accelerate energy replacement, reduce energy costs and improve energy efficiency," Novak said.

We are seeing a decline in global demand for energy resources this year, which is also affecting consumer spending. In the midst of this structural transformation - and especially the consequences of geopolitical events in the Strait of Hormuz - we are witnessing a severe price shock. "This affects not only insurance and transportation, but also the overall cost of oil and petroleum products, which has almost doubled since the beginning of this year."