Russian official: Months needed for oil market to recover after Hormuz blockade
4/26/2026 5:56:33 PM
Russian Deputy Prime Minister Alexander Novak says he expects it will take several months for the oil market to recover to its previous level if the Strait of Hormuz is reopened.
Speaking in an interview with the Russian VGTRK broadcasting company, Novak said the crisis in the Middle East has led to a large global undersupply of energy resources that will not be easy to overcome in a short time.
“The crisis is very deep. A very large number of barrels of oil did not reach the market during this period, and a large number of ships have accumulated in the Strait of Hormuz,” Novak said.
“Therefore, of course, it will take some time to rebalance and recover to the previous level. In our view, that will be several months,” the official added.
Speaking in an interview with the Russian VGTRK broadcasting company, Novak said the crisis in the Middle East has led to a large global undersupply of energy resources that will not be easy to overcome in a short time.
“The crisis is very deep. A very large number of barrels of oil did not reach the market during this period, and a large number of ships have accumulated in the Strait of Hormuz,” Novak said.
“Therefore, of course, it will take some time to rebalance and recover to the previous level. In our view, that will be several months,” the official added.