403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Kremlin Warns Oil Markets Reeling as Gulf Turmoil Deepens
(MENAFN) Global oil markets are spiraling amid escalating instability across the Persian Gulf, with substantial volumes of crude vanishing from international supply chains, Kremlin spokesman Dmitry Peskov said Monday.
Addressing reporters at a briefing in Moscow, Peskov noted that "a huge amount of oil is dropping out of the market."
He elaborated on the scale of the disruption: "Just with the disruption of the oil pipeline in Saudi Arabia, more than 4% of global supplies have been knocked out of the global market. This cannot but have the most serious consequences, and it cannot but cause concern among the world's economies."
Peskov confirmed that Russia has enacted a ban on exports of refined oil products, a move designed to guarantee sufficient supply for domestic consumers. "As our domestic market becomes reliably saturated, the issue of lifting such a ban will come onto the agenda, and then an additional volume [of oil products] will again be directed to global markets," he explained.
He further noted that Russia's withdrawal of oil products from export markets was compounding pressure on global supply.
The remarks arrive as Saudi Arabia's East-West pipeline remains offline following an attack, raising the specter of further supply constraints and rising energy costs worldwide. The pipeline typically moves between 4 million and 5 million barrels daily — roughly 4% to 5% of total global output.
Ukraine War, Finland, and BRICS
Peskov also voiced support for calls urging Kyiv to halt strikes on Russian civilian economic infrastructure, including an appeal from US President Donald Trump to Ukrainian President Volodymyr Zelenskyy to cease attacks on Russian diesel production facilities, amid worries over ripple effects on the American economy.
"Any call to the Kyiv regime to stop strikes on civilian economic infrastructure can only be welcomed," Peskov said.
Pressed on Western media coverage suggesting Ukraine is losing ground in the conflict, Peskov argued that the battlefield trajectory was becoming clearer to Western observers. "It is becoming increasingly obvious to Western analysts and professionals that Russia, based on the dynamics on the fronts, is consistently moving toward achieving its goals," he said.
He characterized earlier assumptions about Ukraine's staying power as flawed, calling it a "big misconception" that Kyiv could withstand sustained Russian pressure. While acknowledging that some observers still cling to that assessment, he insisted that "serious analysts and professionals were increasingly drawing a different conclusion from developments on the battlefield."
He continued: "Some still retain this erroneous point of view. But professionals and truly serious analysts are increasingly realizing, based on the dynamics observed on the fronts, that Russia is indeed improving its positions day by day and consistently moving toward achieving its goals."
On diplomatic efforts, Peskov said Russian President Vladimir Putin had responded favorably to signals from China and India indicating willingness to help broker a resolution to the Ukraine conflict. He added that any nation could leverage its ties with Kyiv to push for greater flexibility. "In general, any country can use its influence on the Kyiv regime to encourage it toward greater flexibility, which would be a significant contribution to the settlement," he said.
Asked about Finland's move to join a French-backed initiative exploring an advanced nuclear deterrence framework, Peskov declined to weigh in. "I don't quite understand what this concept is, to be honest. I still have to learn some details. Therefore, I would refrain from making any comments," he said.
On the topic of BRICS expansion, Peskov said no specific candidates for membership were discussed during the bloc's recent summit in New Delhi. He confirmed that Russia backs Cuba's bid to join the group and welcomes Havana's engagement with the bloc.
Addressing reporters at a briefing in Moscow, Peskov noted that "a huge amount of oil is dropping out of the market."
He elaborated on the scale of the disruption: "Just with the disruption of the oil pipeline in Saudi Arabia, more than 4% of global supplies have been knocked out of the global market. This cannot but have the most serious consequences, and it cannot but cause concern among the world's economies."
Peskov confirmed that Russia has enacted a ban on exports of refined oil products, a move designed to guarantee sufficient supply for domestic consumers. "As our domestic market becomes reliably saturated, the issue of lifting such a ban will come onto the agenda, and then an additional volume [of oil products] will again be directed to global markets," he explained.
He further noted that Russia's withdrawal of oil products from export markets was compounding pressure on global supply.
The remarks arrive as Saudi Arabia's East-West pipeline remains offline following an attack, raising the specter of further supply constraints and rising energy costs worldwide. The pipeline typically moves between 4 million and 5 million barrels daily — roughly 4% to 5% of total global output.
Ukraine War, Finland, and BRICS
Peskov also voiced support for calls urging Kyiv to halt strikes on Russian civilian economic infrastructure, including an appeal from US President Donald Trump to Ukrainian President Volodymyr Zelenskyy to cease attacks on Russian diesel production facilities, amid worries over ripple effects on the American economy.
"Any call to the Kyiv regime to stop strikes on civilian economic infrastructure can only be welcomed," Peskov said.
Pressed on Western media coverage suggesting Ukraine is losing ground in the conflict, Peskov argued that the battlefield trajectory was becoming clearer to Western observers. "It is becoming increasingly obvious to Western analysts and professionals that Russia, based on the dynamics on the fronts, is consistently moving toward achieving its goals," he said.
He characterized earlier assumptions about Ukraine's staying power as flawed, calling it a "big misconception" that Kyiv could withstand sustained Russian pressure. While acknowledging that some observers still cling to that assessment, he insisted that "serious analysts and professionals were increasingly drawing a different conclusion from developments on the battlefield."
He continued: "Some still retain this erroneous point of view. But professionals and truly serious analysts are increasingly realizing, based on the dynamics observed on the fronts, that Russia is indeed improving its positions day by day and consistently moving toward achieving its goals."
On diplomatic efforts, Peskov said Russian President Vladimir Putin had responded favorably to signals from China and India indicating willingness to help broker a resolution to the Ukraine conflict. He added that any nation could leverage its ties with Kyiv to push for greater flexibility. "In general, any country can use its influence on the Kyiv regime to encourage it toward greater flexibility, which would be a significant contribution to the settlement," he said.
Asked about Finland's move to join a French-backed initiative exploring an advanced nuclear deterrence framework, Peskov declined to weigh in. "I don't quite understand what this concept is, to be honest. I still have to learn some details. Therefore, I would refrain from making any comments," he said.
On the topic of BRICS expansion, Peskov said no specific candidates for membership were discussed during the bloc's recent summit in New Delhi. He confirmed that Russia backs Cuba's bid to join the group and welcomes Havana's engagement with the bloc.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment