Alexander Novak says global energy markets cannot function without Russian oil

May 20, 2026, 11:40:58 AM UTC(11 hours ago)

Impact: Very High

Affected Assets

Russian Deputy Prime Minister Alexander Novak stated that global energy markets are unable to function or remain balanced without Russian oil supplies
The comments follow recent moves by the United States to temporarily ease some restrictions on Russian oil exports to stabilize soaring global energy prices
The US Treasury Department issued temporary waivers and licenses for certain Russian oil shipments to prevent severe supply shocks amid escalating geopolitical tensions in the Middle East
Russian officials noted that the temporary lifting of restrictions demonstrates that Western nations must consider the real needs of the global energy market

RUSSIA'S NOVAK: GLOBAL MARKETS CANNOT FUNCTION WITHOUT RUSSIAN OIL, WHICH IS WHY A NUMBER OF COUNTRIES ARE LIFTING RESTRICTIONS – TASS