Russia says Gulf instability rapidly worsening global oil market situation

The situation in global oil markets is rapidly deteriorating amid instability in the Persian Gulf, with major volumes of oil being removed from international supply, Kremlin spokesman Dmitry Peskov said on Monday, Anadolu reports.

Speaking at a press briefing in Moscow, Peskov pointed out that “a huge amount of oil is dropping out of the market.”

“Just with the disruption of the oil pipeline in Saudi Arabia, more than 4% of global supplies have been knocked out of the global market. This cannot but have the most serious consequences, and it cannot but cause concern among the world’s economies,” he said.

Peskov said Russia had introduced a ban on exports of oil products in order to ensure adequate supplies for its domestic market.

“As our domestic market becomes reliably saturated, the issue of lifting such a ban will come onto the agenda, and then an additional volume [of oil products] will again be directed to global markets,” he noted.

Peskov said the removal of Russian oil products from international exports was also affecting global markets.

The comments came as Saudi Arabia’s East-West oil pipeline remained shut following an attack, threatening to further reduce global supplies and push energy prices higher. The pipeline has been carrying about 4 million to 5 million barrels per day, equivalent to roughly 4%-5% of global supply.

Ukraine conflict, Finland, BRICS

Peskov also welcomed calls for Kyiv to stop strikes on Russian civilian economic infrastructure, including an appeal by US President Donald Trump to Ukrainian President Volodymyr Zelenskyy to halt attacks on Russian diesel production amid concerns over the impact on the US economy.

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“Any call to the Kyiv regime to stop strikes on civilian economic infrastructure can only be welcomed,” he said.

Asked about reports in Western media saying Ukraine was losing the conflict, Peskov said he believed the course of developments on the battlefield was increasingly clear to Western analysts and professionals.

“It is becoming increasingly obvious to Western analysts and professionals that Russia, based on the dynamics on the fronts, is consistently moving toward achieving its goals,” he said.

According to the official, it had previously been a “big misconception” to argue that Ukraine had the potential to withstand Russian pressure.

He added that some people still held that view, arguing that “serious analysts and professionals were increasingly drawing a different conclusion from developments on the battlefield.”

“Some still retain this erroneous point of view. But professionals and truly serious analysts are increasingly realizing, based on the dynamics observed on the fronts, that Russia is indeed improving its positions day by day and consistently moving toward achieving its goals,” he said.

Peskov said Russian President Vladimir Putin had positively assessed China’s and India’s readiness to contribute to efforts to settle the Ukraine conflict.

He added that any country could use its influence with Kyiv to encourage greater flexibility and contribute to bringing the conflict closer to a settlement.

“In general, any country can use its influence on the Kyiv regime to encourage it toward greater flexibility, which would be a significant contribution to the settlement,” he said.

Peskov declined to comment on Finland’s decision to join a French-backed project for an advanced nuclear deterrence concept.

“I don’t quite understand what this concept is, to be honest. I still have to learn some details. Therefore, I would refrain from making any comments,” he said.

Peskov said the expansion of BRICS bloc and specific candidates for membership had not been discussed at the group’s recent summit in New Delhi.

Russia, he added, supported Cuba’s desire to join the group and welcomed Havana’s intention to work within the group.

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