"There is no shortage of oil on the global market due to the escalating Iran-Israel conflict, but risks are already reflected in prices," said Russian Deputy Prime Minister Alexander Novak, APA-Economics reports citing Russian media.
“There is no shortage. The balance is maintained. Supplies continue. However, the market is pricing in certain risks, which, along with other factors, are being reflected in oil prices,” he stated.
Novak declined to comment on forecasts that oil prices could rise to $100 per barrel due to the Middle East escalation: “I see that some people and experts are giving their estimates. At this point, anyone can say anything. Everything will depend on how the market responds to uncertainty and risk.”
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