High demand on some routes is the main driver, Deputy PM Aleksandr Novak has said
Russia has been trading oil without a discount and even at a premium on some routes, Deputy Prime Minister Aleksandr Novak said on Thursday, as cited by Vedomosti.
Global energy markets are under strain due to the fallout from the US-Israeli campaign against Iran, which has disrupted transit through the Strait of Hormuz and caused a sharp rise in oil prices, while boosting Russia’s pricing power. The country’s supply has not been affected.
Western sanctions had previously forced Russia to sell crude at a discount to global benchmarks under a price cap system…
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