Russian Deputy PM Novak Warns Prolonged Middle East Conflict Could Cause Global Oil Supply Shortage

According to Russian Deputy Prime Minister Alexander Novak, the international oil market could face substantial supply shortages in coming months if the Middle East conflict persists, he said on June 4 during the 29th St. Petersburg International Economic Forum. Novak stated that without production increases from Gulf oil-producing nations amid ongoing regional tensions, a significant supply deficit is likely to emerge in the global energy market.
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