Deputy Prime Minister of the Russian Federation Alexander Novak pointed to the delicacy of the situation in the global oil market, since Russia, Venezuela and Iran, which fell under sanctions, account for about 20% of world oil production.
Below are the most striking statements of the Russian official during his participation today, Wednesday, in the Russian Energy Week forum:
Venezuela, Iran and Russia, which fell under the sanctions, account for about 20% of world oil production.
Russia is preparing for an embargo on the supply of oil and petroleum products by the European Union, as it is working on projects to redirect resources to the East.
The OPEC+ decision to cut oil production is the right decision and is aimed at balancing the market.
– A technical failure occurred on the Polish section of the Druzhba oil pipeline, but it seems that the issue has been resolved.
Russia is ready to work with oil consumers on market terms.
The situation in the Russian energy sector is now stable.
The expansion of the capacity of Russian ports will lead to the redirection of energy supplies to the east.
– Russia notes the interest of Turkish companies in increasing the volume of purchases of Russian oil.
Source: TASS