Novak: Global market hasn't fully felt Middle East conflict's energy crisis impact
ST. PETERSBURG, June 4. /TASS/. The global market has not yet fully felt the impact of the energy crisis caused by the Middle East conflict, as it is still relying on fuel reserves, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of SPIEF.
"Due to reserves and because the market had previously been oversupplied, the full consequences that may arise have not yet been fully felt over the past three months," 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.
