18.03.2026 22:16
Russian Deputy Prime Minister Alexander Novak drew attention to the energy crisis that has erupted worldwide alongside the war between the US, Israel, and Iran. Stating that at least 20 million barrels of oil shipments have been affected, Novak said, "Today, I believe we are experiencing the largest energy crisis in the last 40 years. The amount of oil and petroleum products affected in the Strait of Hormuz accounts for approximately 20% of global consumption."
Russian Deputy Prime Minister Aleksandr Novak stated that the United States has initiated armed conflicts with countries directly connected to energy resources, saying, "Today, I believe we are experiencing the biggest energy crisis of the last 40 years."
"THE U.S. ATTACKED COUNTRIES WITH SIGNIFICANT ENERGY RESOURCES"
Russian Deputy Prime Minister Aleksandr Novak made evaluations regarding developments in global energy markets at an event held in the capital Moscow.
Pointing out that the wars experienced in the world over the last 30-40 years are primarily related to energy resources, Novak said, "For example, the armed conflicts initiated by the U.S. recently are connected to countries that are significant in terms of energy and have energy resources for the entire world. The most recent was Iran, followed by Iraq, Kuwait, Syria, Libya, and similar countries."
"WE ARE EXPERIENCING THE BIGGEST ENERGY CRISIS OF THE LAST 40 YEARS"
Explaining that at least 20 million barrels of oil shipments have been affected due to the conflicts in the Middle East, Novak stated, "Today, I believe we are experiencing the biggest energy crisis of the last 40 years. The amount of oil and petroleum products affected in the Strait of Hormuz constitutes about 20% of global consumption."
"20% OF PRODUCED NATURAL GAS CANNOT BE SHIPPED"
Aleksandr Novak noted that global trade has been affected by about one-third due to the halted oil shipments in the region.
Speaking about global natural gas markets, Novak mentioned that approximately 20% of global natural gas production cannot be shipped to world markets.
Due to the attacks by the U.S. and Israel on Iran and Iran's retaliations, there is a rise in energy prices due to traffic disruptions in the Strait of Hormuz, one of the important transit routes in global trade, and supply concerns.