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Russia Says Oil Market Recovery Expected to Take Months
(MENAFN) Russian Deputy Prime Minister Alexander Novak cautioned Sunday that global oil markets may need several months to stabilize following the Middle East crisis — even if the pivotal Strait of Hormuz is reopened.
Speaking in an interview with Russian broadcaster VGTRK, Novak warned that the energy shock triggered by the regional conflict has carved out a substantial supply deficit that cannot be reversed quickly.
"The crisis is very deep — a very large number of barrels of oil did not reach 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 rebalance and recover to the previous level. In our view, that will be several months," Novak said.
The Strait of Hormuz — one of the world's most strategically vital energy corridors — has remained under Tehran's control since the US-Israel war commenced on February 28, delivering a severe blow to global energy supplies, with Asian markets absorbing the sharpest impact.
The conflict is currently in a holding pattern, with active hostilities on pause and diplomatic efforts underway to secure a permanent resolution. However, Novak's remarks underscore that even a successful diplomatic breakthrough would not deliver an immediate reprieve for energy markets, as the logistical backlog of stranded vessels and undelivered supply continues to weigh heavily on the global system.
Speaking in an interview with Russian broadcaster VGTRK, Novak warned that the energy shock triggered by the regional conflict has carved out a substantial supply deficit that cannot be reversed quickly.
"The crisis is very deep — a very large number of barrels of oil did not reach 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 rebalance and recover to the previous level. In our view, that will be several months," Novak said.
The Strait of Hormuz — one of the world's most strategically vital energy corridors — has remained under Tehran's control since the US-Israel war commenced on February 28, delivering a severe blow to global energy supplies, with Asian markets absorbing the sharpest impact.
The conflict is currently in a holding pattern, with active hostilities on pause and diplomatic efforts underway to secure a permanent resolution. However, Novak's remarks underscore that even a successful diplomatic breakthrough would not deliver an immediate reprieve for energy markets, as the logistical backlog of stranded vessels and undelivered supply continues to weigh heavily on the global system.
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