Russia says it’s watching Red Sea crisis closely over energy policy

Russia says it is closely following the spillover of tensions in the Red Sea onto the global energy market.

Alexander Novak, Russia’s deputy prime minister who oversees the country’s energy policy, says the situation in the Red Sea has “significantly” affected “trading relations and logistics chains.”

“It is important that there is constant monitoring of the situation, so that at any moment joint decisions can be made to adjust our joint actions designed to correct and balance the market,” he says on state TV.

Russia is part of the OPEC+ oil alliance — an agreement between some of the world’s top producers, led by Saudi Arabia, to manage oil output and exports to support prices on the global market.

Global oil prices have risen about 10 percent since early December, partly fueled by attacks on Red Sea shipping lanes by Iran-backed Houthi rebels.