Business · Energy & Commodities · 12 hrs ago
Novak says Russian diesel supplies may shift global petroleum prices
Russia expects global petroleum prices to adjust when its diesel supplies enter the market.
Deputy Prime Minister Alexander Novak made the prediction at the Russian Energy Week forum in Moscow.
He said prices would respond as worldwide supply and demand rebalance.
Novak described Europe as one participant in the wider global market for oil and petroleum products.
The expected adjustment could affect prices beyond Russia because petroleum products are traded in a worldwide market.
The timing and scale of any price change were not specified.
Russian Deputy Prime Minister Alexander Novak said global petroleum product prices may adjust after Russian diesel supplies begin.
He said the adjustment would come as demand and supply rebalance worldwide.
Novak spoke to reporters on the sidelines of the Russian Energy Week forum.
He described Europe as one participant in the global market for energy, oil and petroleum products.
- Who
- Russian Deputy Prime Minister Alexander Novak.
- What
- He said global petroleum product prices may adjust when Russian diesel supplies begin and worldwide demand and supply rebalance.
- When
- October 14, 2026.
- Where
- On the sidelines of the Russian Energy Week forum; the report was datelined Moscow.
- Why
- Novak said prices would adjust as demand and supply rebalance worldwide.
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- Speaker
- Alexander Novak
- Role
- Russian Deputy Prime Minister
- Date
- October 14, 2026
- Event
- Russian Energy Week forum
- Market change
- Global petroleum product prices may adjust as demand and supply rebalance worldwide
What people are saying
Europe is one of participants of the world energy market, including oil and petroleum products. Therefore, the petroleum product price will be adjusted when rebalancing demand and supply worldwide