Russian oil is now selling at either no discount or even a premium as governments scramble to replace energy supplies lost after the closure of the Strait of Hormuz, Deputy Prime Minister Alexander Novak said Thursday. “Today, when there’s a deficit in the market, our oil and petroleum products are in high demand,” Novak told reporters, according to the Interfax news agency. “We’ve moved from a discount to either no discount or, in some cases, even a partial premium,” he said.

Russian oil is now selling at either no discount or even a premium as governments scramble to replace energy supplies lost after the closure of the Strait of Hormuz, Deputy Prime Minister Alexander Novak said Thursday.

“Today, when there’s a deficit in the market, our oil and petroleum products are in high demand,” Novak told reporters, according to the Interfax news agency.

“We’ve moved from a discount to either no discount or, in some cases, even a partial premium,” he said.

Reuters estimates that Russia’s oil and gas revenues could jump by around 70% in April from March amid the rise in global prices, reaching their highest monthly level since October 2025.

mediabias credibility: HIGH