Global crude oil market is not efficient anymore — Russian presidential advisor

MOSCOW, October 16. /TASS/. The international oil market has ceased to be efficient but the real war, both economic and political, is waged for it, Advisor to the Russian President Anton Kobyakov said at a press conference during the Russian Energy Week forum.

"The modern oil market is a strange phenomenon. It is far from being the largest segment of the global economy but informationally it is extremely important. It is quite small compared to the debt market, about 100 times smaller, but it is very, very loud and politicized. It has ceased to be efficient - today you need to expend a barrel of oil to extract the same quantity. Yet, a real war is being fought over this market, over oil and its refining. A real war, both economic and political," Kobyakov said.

The Russian Energy Week international forum is being held in Moscow on October 14-16 with the support of the Russian government, the Russian Ministry of Energy, and the Moscow government. Roscongress Foundation is the event organizer. TASS is the information partner of the forum.