Russia’s Novak: Without OPEC+, there are risks to energy security

Russian Deputy Prime Minister Alexander Novak said on Wednesday, “without OPEC and its allies (OPEC+), there are risks to energy security.”

Additional takeaways

An unprecedented embargo against Russian oil, and equipment imports, and the imposition of price caps all resulted in global shifts in energy markets.

The overall balance of oil supply and demand has remained unchanged.

Europe became more reliant on liquefied natural gas imports.

Russia's energy industry has proven its durability, and we have found new logistical routes.

Around 20% of Russian oil initially delivered to Europe is redirected to other markets, such as Asia.

OPEC+ is effective.

At OPEC+, we're not regulating oil prices.

It's sometimes difficult to reach an agreement among the 24 countries of OPEC+.

Market reaction

WTI is holding higher ground on the above comments, trading at $77.70. The US oil is adding 0.80% on the day, as of writing.