Russian Deputy PM: Global Oil Market Situation Extremely Uncertain

The situation on the global oil market remains extremely uncertain, and today no one can accurately predict demand dynamics, even for the next 5-10 years, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF) after a meeting with Saudi Arabian Energy Minister Abdulaziz bin Salman.

"Today, the situation is rather critical, which hasn't yet been expressed in any figures, but the critical mass, in my opinion, is gradually growing. We just held a meeting with His Royal Highness Abdulaziz bin Salman. We came to the conclusion that no one really knows what the current demand expectations are. That is, the uncertainties have simply increased exponentially. And the uncertainties are not only in the energy sector, but in the economy as a whole," Novak said.

He emphasized that the global change in logistics chains and energy transportation capabilities compels us to consider the outlook for the next 5-10 years.

"The assessments that were made just a few years ago must now be fundamentally revised, both from a behavioral perspective and in terms of interaction between countries that, in principle, can jointly address these issues," the Deputy Prime Minister added.

SPIEF is taking place on June 3-6. This year's main theme is "Pragmatic Dialogue: The Path to a Stable Future." The forum's program focuses on shaping a new model of global development amid the transformation of the world economy.

The Roscongress Foundation is the organizer of the forum, with TASS serving as its general information partner.