Russian Deputy PM Calls Global Oil Crisis Unprecedented
ST. PETERSBURG, June 4. /TASS/. The current crisis in the global oil market is unprecedented, with nothing comparable even in the last century, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum.
"Without a doubt, considering what is happening on global markets, we see that this is truly an unprecedented crisis. Nothing like this has ever happened before, even in the 20th century," he said.
The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.
The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.
The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.
