Russian Deputy Prime Minister: Middle East crisis has already caused global market to lose 2.2 billion barrels of oil

Russian Deputy Prime Minister Novak said that due to the Middle East crisis, the global oil market has lost 2.2 billion barrels of oil. In an interview during Russian Energy Week, Novak said: "Now we still see that supplies through the Strait of Hormuz have not recovered... Volatility is high, the market expects improvement, and at the same time prices remain high. But if this situation continues, I think prices will rise further." He believes that global oil and petroleum product reserves are being depleted. Novak also believes that if oil and petroleum product exports from Persian Gulf countries through the Strait of Hormuz are restored, the global oil market will return to balance within 1 to 1.5 years.