MOSCOW, June 17. /TASS/. The majority of key oil producers are not satisfied with the current crude prices, Russian Deputy Prime Minister Alexander Novak said, adding that prices will adjust as market shocks subside.

"The current world oil prices are a short-term result of the present market situation, considering the growing factor of trade wars and geopolitical tensions, and most key oil producers are not satisfied with them. This is why oil prices will be adjusting as the effect of 'market shocks' subsides, taking on an upward trend," he said in an interview with the Vedomosti newspaper in the run-up to the St. Petersburg International Economic Forum (SPIEF).

Historically, global oil prices have been under the pressure of both political factors and the demand and supply balance, Novak added. "The situation in the Middle East and the risks of limited supplies via the Strait of Hormuz, as well as the continuing global economic recovery and risks related to trade wars provoked by the US, have remained the key factors behind volatility in recent years," he noted.

The St. Petersburg International Economic Forum (SPIEF) will take place on June 18-21. This year, the event will be held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.