Russia Says Oil Market May Take Months to Stabilize After Hormuz Reopens
In remarks given during a televised interview, Russia’s deputy prime minister explained that the ongoing regional crisis has caused a significant shortfall in available energy resources, making a quick recovery unlikely.
"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.
According to, the tensions in the Middle East have severely disrupted oil flows, with many shipments delayed and vessels backed up in the Strait of Hormuz. This bottleneck has contributed to reduced supply levels, particularly affecting markets in Asia.
The situation stems from the conflict that began in late February, during which Iran asserted control over the strategic waterway, significantly impacting global energy distribution.
Although fighting has since paused and diplomatic efforts are ongoing, the aftereffects on the oil market are expected to persist for some time.
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