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BREAKING
Political aide to the governor of Gilan Province in northern Iran: Air defenses in Rasht shot down a small hostile drone flying over the city
Israeli media: The presence of General Qaani at the “victory celebrations” in Tehran puts an end to the rumors and earlier reports claiming he had been assassinated
Israeli media: There is division within the US administration itself over the extent of what the strikes on Iran’s nuclear facilities actually achieved
Israeli media: US intelligence also says Iran’s centrifuges remained largely intact
Israeli media: Netanyahu and Trump celebrated too soon, as US intelligence says Iran’s uranium stockpile was not damaged
Israeli Channel 13: The objectives set by Netanyahu for the operation against Iran have not been achieved
Early US intel assessment suggests strikes on Iran did not destroy nuclear sites, CNN reports, citing sources
Israeli media platform: An additional soldier has been confirmed killed in the serious incident in Gaza, who had previously been considered "missing" for some time
Pezeshkian: History will not forget how Iran’s enemies broke their pledges and agreements, resorting to aggression and invasion even during negotiations
Israeli media: Between 14 and 16 soldiers were injured in the incident, which reportedly involved two separate units at the brigade and division level

Stabilizing energy markets require depoliticized solutions: Diplomat

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Apr 2023 09:27
3 Min Read

The Russian diplomat says the oil market must create 'anti-crisis solutions' to always be ready to deal with emerging surprising events.

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    Model of oil barrels seen in front of a rising stock graph in this illustration, July 24, 2022 (Reuters)

Several factors are expected to impact the oil market in 2023 due to "man-made turbulence" such as anti-Moscow sanctions and the bank crashes that created the base conditions today for an unhealthy oil market, Ambassador-at-Large of the Russian Foreign Ministry Yury Sentyurin told Sputnik on Monday.

"In the conditions of man-made turbulence, it is expected that market dynamics in the short term - until the end of 2023 - will be affected by such factors as the growth rate of demand from the largest consumers (China and India), a possible consumption decrease due to the consequences of financial and banking crises and ‘the discipline of observing anti-Russian restrictions," Sentyurin said.

Read more: Oil sanctions are a fail for the West, a win for Russia: The Economist

The diplomat stressed the need to establish new "anti-crisis solutions" and tools to be prepared to deal with modern challenges affecting the global energy market after the previous dynamics have "degraded".

The West's decision to impose a price cap on Russian oil and create a "buyers' market" have "an equally destructive impact on both the oil market and the gas market," Sentyurin added.

"In the current situation of the obvious degradation of many previous models and development tools, it is necessary to promptly develop a package of anti-crisis solutions that would be based on pragmatic tasks and be outside of politics. Unfortunately, we have to state the reverse dynamics and the absence of prerequisites for the normalization of the state of the markets in the near future."

Related News

Russia aims to boost grains, vegoil exports to Iran

Lavrov: Russia backs Iran-'Israel' ceasefire, warns of fragile truce

According to Sentyurin, the global energy industry is suffering from irresponsible politicized decisions, including in what concerns the price ceilings, and the situation risks developing into a crisis.

"Last year, economic relations were artificially made dependent on geopolitics through irresponsible politically motivated decisions, the use of essentially anti-market mechanisms and restrictions, and the language of ultimatums," he said, adding \that, as a result, the state of global energy is currently characterized as difficult, with the risk of developing into a crisis.

Sentyurin emphasized that "the endless manipulations around the oil price ceiling are obviously destructive" and have a negative impact on the investment climate, while the recent OPEC+ oil production cuts are "pre-emptive measures aimed at balancing supply and demand, preventing a collapse in prices for ‘black gold’ and market destabilization."

Read more: Putin signs decree banning sales of oil to price cap abiding states

Last month, during a conference at CERAWeek on Monday, Chevron CEO Mike Wirth said that the Russian price cap has generated an excessive amount of obstacles in standard operations for global energy markets. 

"There's not a lot of swing capacity, there's not a lot of inventory capacity, so a little bit and the system normally optimizes within those parameters, but there's now a lot of constraints: you can't sell to this country, you can't buy from that country, can't insure," Wirth said.

Read more: Prices surge after OPEC+ decision, finance experts comment

  • Russia
  • Oil market
  • global oil market
  • Oil
  • Price cap

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