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Russia is well positioned to withstand disruptions in global oil markets triggered by the war in Iran, a top official said on Thursday.<\/p>\n
“There is currently a clear shortage of oil products on global markets,” Deputy Prime Minister Alexander Novak said during a meeting with a Russian business lobby group.<\/p>\n
Prices for petrol, diesel and other refined products have risen even more sharply than crude oil, he noted, adding that Russia is benefiting from the situation.<\/p>\n
Western sanctions imposed in response to the war in Ukraine had forced Russian exporters to sell oil at a discount. However, Novak said this discount has now narrowed significantly. In some regions, Russian oil is even being sold at a premium, he said.<\/p>\n
At the same time, Novak expressed cautious optimism about expanding production. “This will require time, investment and access to capital,” he said, noting that increasing output is a lengthy process.<\/p>\n
Kirill Dmitriev, a senior Kremlin official responsible for international economic relations, struck an even more optimistic tone at the same event.<\/p>\n
“Russia is in a very strong position – not only as a major producer of oil and gas, but also of fertilizers,” he said.<\/p>\n
He warned that the world is heading toward a major fuel price crisis and predicted oil prices could rise to between $150 and $200 per barrel.<\/p>\n
Dmitriev argued that Europe would be particularly hard hit after turning away from Russian energy.<\/p>\n
He warned of potential large-scale de-industrialization and claimed that “Europe and the UK will be begging for Russian energy supplies,” adding that Russia would then decide whether to resume deliveries.<\/p>\n<\/div>\n