Kremlin spokesman Dmitry Peskov said Sunday that Ukrainian strikes on Russia’s oil infrastructure could push global oil prices higher if Russian supply to the market falls.
According to Xinhua, Peskov made the remarks after Ukrainian President Volodymyr Zelensky said he had ignored Western calls not to target Russia’s oil infrastructure.
Peskov said any drop in Russian oil supply to the global market would lead to a sharper rise in prices.
“If additional volumes of our oil are removed from the market, prices will climb further from current levels, which are already above 120 U.S. dollars,” Peskov said, according to the report.
Tensions in the Strait of Hormuz had already left the global oil market facing a major supply shortfall, the spokesman said.
Peskov also said Russian companies could bring in more revenue from higher prices even if export volumes decline, increasing proceeds for the state.
“But most importantly, we must keep working to insulate ourselves against further risks” from Ukrainian attacks, Peskov said.
Separately, the Russian Defense Ministry said Sunday that Russian air defense systems shot down 740 Ukrainian drones along the frontline over the previous 24 hours, according to Xinhua.
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