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Russian oil has always been in demand in the world market and will always have buyers, given the growth in the economy and limited supply, Deputy Prime Minister Alexander Novak said.
“Global consumption and economic growth needs energy. There is not much oil in the world, and Russian oil has always been and will be in demand. Yes, supply chains will change, but we don’t see any tragedy in this,” Novak told Novosti News Agency.
He said the Russian authorities expect sales of Russian oil in December will be level with November, despite the price cap.
On Tuesday, Western sanctions on Russian seaborne oil entered into force. The G7 countries, Australia and the European Union agreed to cap the price of Russian seaborne oil at $60 a barrel.
