# Novak says global energy demand is declining

https://mins.news/en/item/103214

- TASS, 2026-10-16 14:11 UTC
- Economy
- Original: https://tass.com/economy/2203115

> Russian Deputy Prime Minister Alexander Novak said consumers are seeking alternatives to hydrocarbons as global energy demand falls. He also cited a sharp price shock linked to geopolitical events in the Strait of Hormuz, affecting insurance, freight and the overall cost of oil and petroleum products, which have nearly doubled since the start of the year.