In summary: key statements of Deputy Prime Minister Novak at the general meeting of the Russian Energy Week

The official emphasized that Russia has been and remains a reliable supplier of energy to the world markets

Moscow, October 16. /TASS/. Deputy Prime Minister Alexander Novak said at the general meeting of the Russian Energy Week that the Russian-American diesel contract is beneficial for all parties.

He emphasized that the European Union's criticism of this agreement is against the interests of European consumers.

Novak emphasized that Russia was and is a reliable supplier of energy for the world markets, including the West.

TASS has summarized the key points of the Deputy Prime Minister's speech.

"I see this transaction as a practical solution that will benefit all market participants."

"As for the criticism of our European partners, we are used to their decisions and political statements that go against the pragmatic demands of the market and consumers. It is the European consumers who suffer first and foremost."

"The market is currently experiencing a significant shortage - we estimate it to be around 25% of global trade. This is primarily due to supply disruptions from the Persian Gulf to foreign markets. In addition, Russia banned exports in July to supply its domestic market."

On a per-barrel basis, current diesel prices are roughly $200 per barrel versus $120 for crude oil.

"The key factor for today's reliability is physical access to the entire supply chain - from production and processing to delivery. Where long-term infrastructure projects for oil and gas have been built since the 1960s and into today's global markets.

Europe's costs have risen since it began to move away from affordable and stable Russian sources: "Many industrial operations have been moved to other countries. There are bankruptcies and business closures. Today, however, politics takes precedence over rational decisions that benefit consumers. "In my opinion, everything they do on energy policy is detrimental to the economy and their own consumers."

Russia is ready to increase energy supplies to Europe, including in existing long-term contracts: "We are ready to provide more volume of supply [to Europe]. It was not us who rejected the supply of affordable and sustainable energy from Russia. Europe made this decision for political reasons.

We remain committed to our contracts, including long-term agreements, some of which run for gas through 2035 to 2040. Refusal to supply goods under these contracts is a unilateral decision that has no basis in the existing legal and regulatory framework.

Russia has supplied Europe with $320 billion worth of energy resources since 2022, including $21.3 billion in the first nine months of 2026.

As global demand declines, energy consumers are looking for alternatives to hydrocarbons: "Today, consumers are exploring options to quickly replace energy, reduce energy costs and improve energy efficiency," Novak said.

"We are seeing a decrease in global demand for energy resources this year, which will also affect 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 shipping but also the overall cost of oil and petroleum products, which has almost doubled since the beginning of the year.

Russia is ready to balance energy markets and maintain its role in ensuring energy security based on long-term partnerships.

The deputy prime minister noted that Russia supports closer international cooperation in the energy sector: "It is clear that the shock we experienced this year - as well as other shocks over the past 15 years - has prompted countries to adopt more unilateral approaches to maintaining their energy security." In my opinion, this is a wrong process, because global energy security can only be ensured through cooperation and joint action.