Russian Deputy Prime Minister Alexander Novak said he expects it will take several months for the oil market to recover to its previous level, even if the Strait of Hormuz is reopened.
“The crisis is very deep – a very large number of barrels of oil did not reach the market during this period, and a large number of ships have accumulated in the Strait of Hormuz”, said Novak, speaking in an interview with VGTRK, a Russian state media company.
“Therefore, of course, it will take some time to rebalance and recover to the previous level. In our view, that will be several months,” the official added.
