An EU embargo on oil imports from Russia could result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said, calling cooperation with OPEC+ “effective”.
Speaking on state TV, Novak also said that Russia would find ways to sell its oil to other markets, calling the EU decision “political”.
Novak was speaking after the OPEC+ group of major global oil-producing countries agreed to increase oil production faster than expected in July and August, a move that Russian officials called the need to meet rising demand.
