Russia sees declining global energy demand — Deputy PM Novak

MOSCOW, October 16. /TASS/. Energy consumers are seeking alternatives to hydrocarbons as global demand falls, Russian Deputy Prime Minister Alexander Novak told a plenary session at the Russian Energy Week forum. "Today, consumers are looking into accelerating energy substitution, reducing energy expenditures, and improving energy efficiency," Novak said. "We are observing a decline in global demand for energy resources this year, which is also impacting consumer costs. Amid this structural transformation – and particularly the fallout from geopolitical events in the Strait of Hormuz – we are seeing a sharp price shock. This affects not only insurance and freight but also the overall cost of oil and petroleum products, which have nearly doubled since the beginning of this year."