Global diesel supply faces 25% shortfall

Speaking at Russian Energy Week in Moscow, Novak identified disrupted shipments from Persian Gulf countries and Russia's diesel export ban introduced in July as the main causes of the shortage. He noted that diesel prices had climbed as high as $200 when crude oil prices were trading around $120 per barrel.

Commenting on the diesel supply agreement signed between the United States and Russia, Novak described the development as positive for global energy markets. Responding to criticism from the European Union, he argued that political decisions in energy markets can sometimes conflict with consumer needs. The Russian official emphasized the importance of strengthening international cooperation to ensure energy supply security.