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Putin's energy point person says that more oil is needed globally

Putin's energy point person says that more oil is needed globally

The Russian energy point person for President Vladimir Putin said that the world needed more oil, and OPEC+ was ready to make adjustments if necessary amid the conflict between Israel & Iran and a trade dispute.

Crude oil prices have increased in recent days due to fears of a major Middle East war after Israel attacked Iran and U.S. president Donald Trump encouraged people to leave Tehran.

Alexander Novak, Russian Deputy Premier Minister, said that the risks of disruptions in supply through the Strait of Hormuz and the global economic recovery as well as the trade wars launched by Washington had created volatility on the oil markets.

"Historically, low prices have prompted an increase in demand for oil due to the continued competition between global fuels. In general, the world needs more raw materials," Novak said in an interview with the Vedomosti paper.

He said that OPEC+ nations were "in constant communication, monitoring the situation on the market and are prepared to respond flexibly and quickly to any change in market conditions."

Novak said, "If necessary in the future, the parameters of the transactions can be adjusted to ensure an optimal ratio between supply and demand." (Reporting and writing by Vladimir Soldatkin, Felix Light; editing by Barbara Lewis/Guy Faulconbridge).

(source: Reuters)