Ukraine strikes deal with Middle Eastern countries on one-year oil reserve, Zelenskyy says
Ukraine has reached an agreement with several Middle Eastern countries on the supply of a certain volume of oil and petroleum products that, if needed, would allow the country to secure resources for a year.
As reported by Censor.NET, President of Ukraine Volodymyr Zelenskyy said this during a meeting of the Congress of Local and Regional Authorities under the President of Ukraine.
What the agreements are about
According to the head of state, these are contingency agreements in case of a global energy shortage.
"We have agreed with some countries in the Middle East that, just in case, we will be able to have a one-year volume if there is a shortage everywhere," Zelenskyy said.
He stressed that stability in the Middle East has a direct impact on global energy prices.
The price will be market-based
The president clarified that the parties did not fix a specific price for oil and petroleum products.
According to him, it will be determined under a market-based formula.
"Of course, no one will be raising the price for us anyway... it is still a formula. You know that it is impossible to agree on an energy price for a year," he explained.
Zelenskyy added that he expects energy prices to fall if the situation in the Middle East stabilizes.
The head of state stressed that there is effectively no alternative in the world at present to such supply volumes.
