Deputy Prime Minister - Russian diesel exports contribute to the stability of the global oil market

Oleksandr Novak noted that oil prices have almost doubled and new supply from Russia is already having an effect.

Moscow, October 12. /TASS/. Russian Deputy Prime Minister Alexander Novak said: "The new supply of Russian diesel fuel to world markets, including the US market, will help balance the difficult situation caused by the blocking of the Strait of Hormuz and the reduction of global refining capacity."

"That's why today we have the opportunity to ensure additional supply to global markets, including the markets of the United States of America, to balance the situation, which is currently very complicated, related to the problems in the Strait of Hormuz and the overall reduction of global refining capacity, because both infrastructure and logistics are disrupted," Novak said in an interview with Vesti.

He noted that the price of oil has almost doubled and that new supply from Russia is already having an effect.

He added: "These additional supplies from Russia to global markets will allow us to increase volume and balance supply and demand to some extent. And we are already seeing this, including in global diesel fuel markets, which have decreased by about 5-6 percent."