Novak says there is a shortage in global energy markets

The global oil market remains tense and there is a shortage of supply. This was announced on October 4 by Russian Deputy Prime Minister Alexander Novak.

"A meeting of the ministerial monitoring committee [OPEC+] was held. We discussed the implementation of the agreement for July–August, as well as the current situation on the global oil markets. It was noted at the committee that the situation is quite volatile, tense on world markets, and there is a shortage," he said in an interview with the Vesti news agency.

According to the Deputy Prime Minister, OPEC+ states are fulfilling their obligations, taking into account current restrictions. At the same time, the meeting participants expressed concern about attacks on energy infrastructure facilities, problems with international shipping and logistics, which increase uncertainty in the market.

Novak stressed that the countries of the association intend to take the necessary measures to maintain balance in the oil market. The members of the association also agreed to continue monitoring the situation and hold further meetings.

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In September, Kremlin spokesman Dmitry Peskov said that the situation on world oil markets continues to deteriorate due to a new round of conflict in the Middle East, while Russia has imposed a ban on the export of petroleum products in order to saturate the domestic market and will lift it when domestic demand is met.