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Russia hopes for speedy resolution to energy crisis — Novak
Deputy Prime Minister Alexander Novak said Russia hopes for a rapid resolution to the global energy crisis, which he says is negatively affecting the oil market. Speaking at the St. Petersburg International Economic Forum, he cited shortages, rising freight costs, and a 12 million barrel daily supply shortfall. Novak also noted the UK is buying petroleum products refined from Russian oil via Asia-Pacific countries.
Russia hopes for a resolution to the global energy crisis soon, as it is negatively affecting the oil market, Deputy Prime Minister Alexander Novak said on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Novak, speaking in an interview broadcast on the Vesti program, said the industry needs stable prices favorable to both consumers and producers of energy resources.
Coverage Comparison
TASS, the Russian state news agency, reported Novak's remarks in multiple dispatches from the forum, which runs from June 3 to 6 under the theme "Pragmatic Dialogue: The Path to a Stable Future." The agency quoted Novak directly and placed his comments in the context of the forum's broader discussions on global economic transformation. TASS is the forum's official general information partner.
Key Claims
Novak said the energy crisis is negatively affecting the oil market, and Russia hopes it will be resolved soon. He warned that high prices carry risks, as consumers may switch to other energy sources, which would be unfavorable for the industry.
The deputy prime minister said the global energy market is short of about 12 million barrels daily, a figure he described as "slightly above 10% of the total global supply." He added that the share of the shortfall in global trade is even higher, around 15-17%.
Novak attributed the supply decline to the closing of the Strait of Hormuz and damage to infrastructure and energy facilities in Persian Gulf countries. He noted dramatic changes in supply are reshaping consumer behavior and logistics routes, leading to a shortage of tankers and a dramatic rise in freight costs.
In a separate forum appearance, Novak said the United Kingdom, after refusing direct purchases of Russian oil, is now buying petroleum products refined from Russian oil in Asia-Pacific countries. "They want to buy petroleum products made from oil that we supply to Asia-Pacific region, to India for example. And then buy petroleum products refined from our oil from there," he said.
Novak stressed that after sanctions were introduced, Russia redirected supplies to friendly countries — China, India, and Africa — and is not experiencing problems with sales. "Russian oil and Russian petroleum products remain in very high demand on markets," he added.
Perspectives
Russian Government
Deputy Prime Minister Alexander Novak presents the situation from the Russian government's viewpoint: the energy crisis is a global problem driven by supply disruptions in the Persian Gulf, Russia has adapted to sanctions by redirecting exports, and Russian energy remains in high demand. He frames the crisis as a risk to market stability and warns of potential long-term consequences, including a shift by consumers away from fossil fuels.
How this outlet told it
TASS — English
Framing: Russia's hope for resolving the energy crisis — Neutral
Facts Included:
Russia hopes for a resolution to the energy crisis soon
Deputy Prime Minister Alexander Novak spoke at the St. Petersburg International Economic Forum (SPIEF)
The industry needs stable prices that would be favorable for both consumers and producers of energy resources
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimRussia hopes for a resolution to the energy crisis soon as it is negatively affecting the oil market.
ClaimThe global energy market encountered a shortage of tankers and a dramatic rise in freight costs due to Hormuz Strait closing and infrastructure damage in Persian Gulf nations.