Russia says Gulf instability rapidly worsening global oil market situation

The situation in global oil markets is rapidly deteriorating amid instability in the Persian Gulf, with major volumes of oil being removed from international supply, Kremlin spokesman Dmitry Peskov said on Monday, Anadolu reports. Speaking at a press briefing in Moscow, Peskov pointed out that “a huge amount of oil is dropping out of the market.” “Just with the disruption of the oil pipeline in Saudi Arabia, more than 4% of global supplies have been knocked out of the global market. This cannot but have the most serious consequences, and it cannot but cause concern among the world’s economies,” he said. Peskov said Russia had introduced a ban on exports of oil products in order to ensure adequate supplies for its […]