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Energy demand to fully recover after pandemic this year, says Russian deputy PM

However, there is major turbulence and uncertainty from the side of energy supply on the market, Alexander Novak also noted

ST. PETERSBURG, June 17. /TASS/. The demand for energy resources may fully recover after the pandemic-related lockdowns this year, though the world is facing the oil supply deficit, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF) on Friday.

"This year the demand for energy resources globally will probably fully recover after the pandemic, after lockdowns, through an increase in consumption of oil and gas and energy resources in general," he said.

However, there is major turbulence and uncertainty from the side of energy supply on the market, Novak added. "Uncertainty persists on production recovery in Iran, Venezuela, Libya. <…> We see the lack of infrastructure that would allow fully using energy resources. We see a decrease in investment in the production sector," he explained, adding that "this means the supply deficit is possible on the market of hydrocarbons, oil in particular."

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also going to be part of the SPIEF event. TASS serves as the event’s official photo hosting agency and the information partner.

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Alexander Novak SPIEF-2022

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