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06Apr26

Catastrophic oil shortage inevitable -- Russia's envoy

Russian President's Special Representative for Investment and Economic Cooperation with Foreign Countries and CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said he believes a critical oil shortage is inevitable.

"For the first time in history, Saudi Arabia is charging a $20 per barrel premium over the already sky-high benchmark for its oil. A catastrophic oil shortage is imminent," he wrote on the social network X.

Dmitriev was commenting on reports that Saudi oil company Saudi Aramco had raised the price of its main crude grade for May deliveries to Asia to a record level -- $19.5 per barrel above the regional benchmark.

[Source: Tass, Moscow, 06Apr26]
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