Novak estimated the recovery period of the oil market after the opening of Hormuz

The European oil market will need several months to recover in the event of the opening of the Strait of Hormuz. This was announced on April 26 by Deputy Prime Minister Alexander Novak.

According to Novak, 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.

"Therefore, of course, it will take some time to balance and restore to the previous level. In our opinion, it's been a few months," Novak said in an interview with Pavel Zarubin, a journalist at the Vesti news agency.

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. According to the American leader, the United States currently has "full control" over the Strait of Hormuz.