16 Jun 2022 17:06

Discount to Russian oil to decline as logistics develop, Europe to overpay 400 bln euros for energy resources - Novak

ST. PETERSBURG. June 16 (Interfax) - The discount to Russian oil will likely decrease as logistics schemes develop, Deputy Prime Minister Alexander Novak said during the "Global Oil and Gas Market Today and Tomorrow" session at the St. Petersburg International Economic Forum (SPIEF) 2022.

"There are complications with the availability of a tanker fleet for oil exports and settlements, though this is a matter of competition and settlements in national currencies," Novak said.

According to Novak, Europe paid 350-400 billion euros for energy resources in 2021, and it will likely overpay another 400 billion euros in 2022. "And this is not the limit," Novak believes.