Russian Deputy Prime Minister Alexander Novak said on Wednesday that the global oil market is balanced and there is no shortage of oil due to the conflict in the Middle East.

Asked if oil prices could hit $100 a barrel due to the air war between Israel and Iran, Novak, who is Russia’s point man in the OPEC+ group of producers, said that would depend on the market reaction to risks and uncertainties.

He said there was no risk of Russia’s oil exports falling as a result of the Middle East crisis.
Source: Reuters