Russia Sounds Alarm on Deteriorating Global Oil Market Amid Gulf Instability

Russian officials have sounded the alarm on the rapidly deteriorating global oil market situation, citing instability in the Persian Gulf as a major contributor. Kremlin spokesman Dmitry Peskov pointed out that more than 4% of global supplies have been knocked out of the market due to the disruption of the Saudi Arabian oil pipeline.

Peskov noted that a huge amount of oil is dropping out of the market, causing serious consequences and concern among world economies. He stated that Russia has introduced a ban on exports of oil products to ensure adequate domestic supplies, but plans to lift the ban once its own market is saturated.

Additionally, Peskov mentioned that the removal of Russian oil products from international exports was affecting global markets. The situation is further exacerbated by Saudi Arabia's East-West oil pipeline remaining shut following an attack, which has been carrying about 4-5 million barrels per day - equivalent to roughly 4-5% of global supply.