Alexander Novak, Russia’s deputy prime minister, has warned that oil reserves available to help stabilize fluctuations in the global market are running low, and that the ongoing crisis could lead to further increases in oil prices.
Al Jazeera reported on Sunday, October 18, citing Novak, that the global oil market is facing a daily shortfall of around four to six million barrels.
“If this situation continues, I believe prices will rise even further,” he said.
Novak stressed that if oil supplies from Gulf countries resume, the global market could return to balance within one to one and a half years.
