Novak announced the deepest crisis in the global oil industry

The Middle East conflict has led to a crisis in the oil and gas markets. This was announced on April 30 by Russian Deputy Prime Minister Alexander Novak.

"We are experiencing a crisis in the energy markets as a whole. This applies not only to oil, but also to the gas market, since the situation in the Middle East and the closure of the Strait of Hormuz have negatively affected supply," he said in an interview with the Vesti news agency.

Novak noted on April 29 that the European oil market would need several months to recover if the Strait of Hormuz was opened. According to him, the crisis is very deep, significant volumes of oil have not entered the market during this period and a large number of ships have accumulated in the Strait of Hormuz.

The consequences of the blockade of the Strait of Hormuz may be felt before the end of the year. What the media is writing

On April 25, the head of TotalEnergies, Patrick Pouyanne, proposed a solution to the Strait of Hormuz problem. According to Pouyanne, when investing in projects in the Middle East, it is necessary to ensure the sustainability of the entire system.

On April 23, US President Donald Trump announced that until an agreement with Iran is concluded, not a single vessel in the Strait of Hormuz will enter or leave without the approval of the US Navy.