When asked by the press whether Russia would increase its oil supplies to China and India following the situation in the Middle East, Novak replied: “We are always ready; Russian oil is in demand. We will sell it if it is purchased.”
Following the conflict sparked by the United States and Israel, which violates international law, Iran has responded with a series of measures, including attacks on the military bases and infrastructure of those two countries in the region, located in Kuwait, Bahrain, Qatar, Saudi Arabia, Iraq, and other countries.
As a result, crude oil production in most of these countries has ceased. Adding to this, the Strait of Hormuz is effectively closed, and a dozen ships have already been attacked, presumably to deter others from crossing. All of this has created a perfect storm in the global energy market.
For example, Qatar Energy has declared force majeure for its customers due to the disruption of liquefied natural gas (LNG) production.
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