Russia does not see any risks of reducing its oil supplies to the world market due to the conflict in the Middle East, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of SPIEF.
„We do not see such risks, we have full supplies for the domestic market and for export“, he noted.
It is difficult to predict the dynamics of oil prices now, everything will depend on the market's reaction to uncertainties and risks, Russian Deputy Prime Minister Alexander Novak told journalists on the sidelines of SPIEF, answering a question about whether oil prices could rise to over $100 per barrel.
„I see how some people make their assessments - people, experts. You can say whatever you want now. Everything will depend on how the market reacts to uncertainties and risks,” he said.
Russia does not see a shortage of oil supplies in the world due to the conflict in the Middle East, Novak said on the sidelines of SPIEF.
“There is no shortage yet, the balance between supply and demand is maintained. Deliveries are taking place“, he noted.
According to Novak, there are risks to oil supplies in the world and they are reflected in its price. “Yes, there are certain risks, the market assesses them, this is reflected in the price, among other things“, the deputy prime minister said.
The St. Petersburg International Economic Forum (SPIEF) is being held from June 18 to 21. The main theme is “Common values - the basis for growth in a multipolar world“. The forum will include a thematic zone “Territory of Innovations“ and a space for national brands “Buy Russian!“.
The program includes the Forum of Small and Medium-Sized Enterprises, the Forum of Creative Industries, the International Youth Economic Forum “Day of the Future“, the Forum “Safety of Medicines“ and the discussion platform “Roscongress Urban Hub“.