Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Araghchi to Grossi: These parties will bear responsibility for the consequences of their actions
Araghchi to Grossi: Iran will respond to any unlawful action by European countries or parties attempting to turn the Agency into a tool for achieving their objectives
Araghchi to Grossi: We urge the Agency to warn against the consequences of any political move against Iran
Araghchi to Grossi: We call on the Agency to highlight Iran’s full cooperation during the upcoming Board of Governors meeting next week
Araghchi to Grossi: We demand that the Agency reflect the facts in a manner that prevents certain parties from exploiting it to advance their political agendas
Iranian Foreign Minister Abbas Araghchi holds a phone call with IAEA Director General Rafael Grossi
Trump envoy Witkoff has sent 'detailed and acceptable proposal' to Iran for nuclear deal; it's in their best interest to accept it: White House Press Secretary Leavitt
Hamas official says Witkoff's position toward group was 'unfair' and shows 'complete bias' to 'Israel'
Hamas official says it has considered Witkoff's proposal acceptable for negotiations, says 'Israel's' response was incompatible with what the group agreed on
Hamas official says group has not rejected Wikoff's proposal for Gaza ceasefire

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.

  • x
  • ds
    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, China in talks to expand Visa-Free tourism travel: Izvestia

EU: China-Russia ties threaten global order

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

Most Read

US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS