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Russian Official Says Oil Markets May Need Months to Stabilize
(MENAFN) A senior Russian official has said that global oil markets could take several months to stabilize even if the Strait of Hormuz is reopened, pointing to significant disruptions in energy flows caused by recent tensions in the Middle East.
Russian Deputy Prime Minister Alexander Novak stated in an interview with a Russian state broadcaster that the situation has created a major shortfall in global energy supplies that cannot be quickly corrected.
“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,” he said.
Novak emphasized that the scale of the disruption has led to congestion in shipping routes and reduced oil availability worldwide, making a rapid return to normal conditions unlikely.
The remarks come amid ongoing instability in the Middle East following recent conflict involving the US and Israel, which has affected energy supply routes, particularly impacting Asian markets.
According to reports, Tehran has maintained control over the Strait of Hormuz since the escalation began, contributing to global supply constraints. While active hostilities are currently paused, diplomatic efforts toward a lasting resolution are still underway.
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