Russia Ships First Oil Tanker as Market Faces 4-6M Barrel Gap
Russia’s deputy prime minister, speaking on a Russian political talk show, said Moscow has “no issues” selling its oil and that many countries want to buy it. He confirmed the first shipment is under way.
“I am aware that the first tanker has already been loaded and dispatched from the port at Dikson,” Novak said. Dikson is a Russian Arctic seaport on the Kara Sea coast, in the Krasnoyarsk region.
The departure follows a diesel supply deal announced Oct. 9 by U.S. President Donald Trump after a phone call with Russian President Vladimir Putin. Under it, Moscow agreed to supply fuel to the U.S. and global markets.
Putin said the diesel shipments would benefit the world economy. Ukrainian President Volodymyr Zelenskyy criticized the deal and warned that easing limits on Russian diesel exports could help finance Russia’s war effort.
Novak blamed the daily shortfall for pushing prices up. Although the market is hoping for a resolution, he said, prices will climb further if conditions in the Strait of Hormuz do not improve.
“If the opportunity for supplies from Persian Gulf countries opens up, it seems to me that the market will rebalance within a year to a year and a half,” he said.
He added that the ability to draw on oil reserves to steady the global market is “already being exhausted.”
On gas, Novak said Russia expects to send 39 billion cubic meters to China through the Power of Siberia pipeline. “There is also an agreement in place to expand its supply capacity to 44 billion cubic meters of gas.”
He also said Russia still has the technical capability to restore gas deliveries to Europe through the Nord Stream pipelines “if decisions are made regarding the damaged pipelines.”
“Currently, three of the four lines are inoperable as a result of terrorist attacks and explosions. One line remains intact, and supplies could be delivered through it. However, this depends on the consumers – on our European counterparts,” he said.
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