Russia Warns Gulf Instability Deepens Global Oil Market Disruptions

(MENAFN) Global oil markets are facing rapidly worsening conditions as instability in the Persian Gulf disrupts major supplies, Russian presidential spokesman Dmitry Peskov said Monday, warning that the loss of significant volumes of crude is creating serious concerns for economies worldwide.

Speaking during a briefing in Moscow, Peskov said the international market was losing a substantial amount of oil because of the disruptions affecting production and transportation in the Gulf region. He stressed that the scale of the supply reduction could have far-reaching consequences for global energy markets.

"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," he said.

Peskov also explained that Russia had imposed restrictions on exports of oil products as part of efforts to maintain sufficient supplies within its domestic market. According to the Russian official, the measure was intended to ensure that domestic demand remained adequately covered amid the changing conditions in international energy markets.

"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 noted.

He added that the absence of Russian oil products from international markets was contributing further to pressure on global supply conditions. The reduction in Russian exports comes at a time when disruptions elsewhere are already limiting the amount of energy available to international buyers.

The comments followed the continued closure of Saudi Arabia’s East-West oil pipeline after it was attacked, raising concerns over additional constraints on global oil supplies. The pipeline is capable of transporting about 4 million to 5 million barrels of oil per day, representing roughly 4%-5% of worldwide supply.

With the pipeline remaining out of service, the disruption threatens to remove further volumes from international markets and increase pressure on energy prices. The combination of Gulf instability reduced Saudi transportation capacity and restrictions on Russian oil product exports is therefore adding to uncertainty across the global energy market.

The developments have intensified concerns over the resilience of global oil supplies, particularly as disruptions affecting major producers and transportation routes can quickly influence international availability, prices and economic conditions.

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