The head of the Russian Direct Investment Fund called a catastrophic shortage of oil in the world inevitable

Due to the current situation in the Middle East, a critical shortage of oil is inevitable all over the world. This was announced on April 6 by Kirill Dmitriev, Special Representative of the President of the Russian Federation for investment and economic cooperation with foreign countries, head of the Russian Direct Investment Fund (RDIF).

"For the first time in history, Saudi Arabia is setting a premium of $20 per barrel to the already sky-high oil price. A catastrophic shortage of oil is inevitable," he wrote on the social network X (ex. Twitter).

Thus, Dmitriev reacted to the news that Saudi Aramco, the country's national oil company, raised the price of the main grade of oil for May supplies to Asia to a record high of $19.5 per barrel, which is higher than the regional base rate.

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Bloomberg reported on April 6 that the management of Saudi Aramco, one of the largest energy companies in the world, increased prices for the flagship Arab Light grade by $17 per barrel for buyers from Asian countries. In May, the cost of Saudi Aramco's main grade of oil for Asian buyers will be $19.5 per barrel higher than the export prices of Oman and the UAE brands.

In turn, Hungarian Prime Minister Viktor Orban suggested that the European economy will face a sharp decline in performance for years to come if the situation with shortages and rising energy prices is not resolved soon.

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