Russia: Supply deficit in diesel trade reached 25 percent of world trade

Novak made statements about the developments in global energy markets at the main session held within the scope of "Russia Energy Week" held in the capital Moscow.

Stating that there is a significant supply shortage in the global diesel market, Novak said, "There is a large supply deficit in the market today. We estimate that this deficit has reached approximately 25 percent of world trade." he said.

Novak cited the inability to ship from Persian Gulf countries to foreign markets and Russia's ban on diesel exports to support the domestic market as of July as the main reasons for the supply deficit.

Drawing attention to the increase in diesel prices, Novak said that in an environment where the barrel price of oil is around 120 dollars, the barrel price of diesel has increased to approximately 200 dollars.

Novak also evaluated the diesel shipment agreement between Russia and the USA and said, "I consider this agreement as a pragmatic decision that is for the benefit of all market participants." he said.

Referring to the European Union's (EU) criticism of the agreement, Novak said, "We are used to the political decisions and statements of our European partners contradicting the needs of the market and consumers. European consumers are primarily harmed by this." he said.

Novak reported that Russia has exported energy resources of $320 billion to Europe since 2022 and $21.3 billion in the first 9 months of 2026.

Pointing out that consumers are turning to alternative energy sources due to the increase in global energy prices, Novak noted that closer cooperation between countries is needed to ensure energy security.