Business · Energy & Commodities · 6 hrs ago
Novak says Hormuz disruption keeps 6–7 million barrels of oil off markets
Russian Deputy Prime Minister Alexander Novak said about 6–7 million barrels of oil a day are not reaching world markets through the Strait of Hormuz.
He spoke after a meeting of ministers, including OPEC+ members, on the sidelines of the World Petroleum Congress in Riyadh.
The Strait of Hormuz is a route used to transport oil to global markets.
Novak said the missing supply is creating an imbalance between supply and demand.
He said this is contributing to serious volatility in the oil market.
The ministers also discussed how the OPEC+ agreement is being implemented.
No further steps or timeline were given.
Russian Deputy Prime Minister Alexander Novak said 6–7 million barrels of oil per day are not reaching world markets through the Strait of Hormuz.
He said the disruption is creating an imbalance between supply and demand.
Novak said the imbalance is causing serious volatility in the oil market.
He made the remarks after a meeting of ministers, including OPEC+ members, on the sidelines of the World Petroleum Congress in Riyadh.
- Who
- Russian Deputy Prime Minister Alexander Novak.
- What
- He said about 6–7 million barrels of oil per day are not reaching world markets through the Strait of Hormuz.
- When
- October 12, 2026.
- Where
- The remarks followed a ministers’ meeting in Riyadh, on the sidelines of the World Petroleum Congress.
- Why
- The disruption is creating an imbalance between oil supply and demand and contributing to market volatility.
This story does not have two clearly opposing sides.
This story does not have a timeline yet.
- Oil not reaching markets
- About 6–7 million barrels per day
- Chokepoint
- Strait of Hormuz
- Speaker
- Alexander Novak
- Position
- Russian deputy prime minister
- Meeting location
- Riyadh
- Outlet publication date
- October 12, 2026
What people are saying
And this really significantly introduces an imbalance between supply and demand that creates serious volatility in the market today
Sources
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