ST. PETERSBURG, June 4. /TASS/. The current crisis in the global oil market is unprecedented, this has not occurred even in the last century, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
The situation in the domestic fuel market remains stable, with prices at gas stations of vertically integrated companies and most stations increasing in line with inflation, he noted.
TASS has compiled Novak’s key statements.
Situation on energy markets
The global market hasn’t yet fully felt the effects of the energy crisis due to the Middle East conflict as it’s running on fuel reserves: "Due to the remaining stockpiles, due to the fact that the market was previously in surplus, it hasn’t fully felt the potential consequences yet, within the next three months."
