Russian Deputy PM predicts collapse in oil, gas market without Russian hydrocarbons

Moscow, March 23 : Russian Deputy Prime Minister Alexander Novak on Wednesday said that without Russian hydrocarbons, the oil and gas market would collapse.

In his speech at the "government hour" in the State Duma, Novak stressed that as a result of a number of steps, the rise in energy prices could become unpredictable, RT reported.

"Russia is the largest supplier of energy resources to world markets, the share of Russian energy exports is about 20 per cent of the world level of trade.Obviously, without Russian hydrocarbons, the gas and oil markets will collapse.

At the same time, the rise in prices for energy resources can be absolutely unpredictable," Novak said."Despite all the difficulties, in the EU, where there is also a rise in prices and a shortage of energy resources, under pressure from the United States, they refused to commission the already built Nord Stream 2 gas pipeline to the detriment of European consumers," Novak said.

He noted that the price of gas at some points reached $4,000 per thousand cubic meters."And this is not really the limit," he said.

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