ST. PETERSBURG, June 18. /TASS/. The current price of oil allows Russia’s oil industry to continue investing in production to sustain output levels, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Yes, the current price supports continued investment. Naturally, today, taking into account the strengthening of the ruble, the situation is more complex from the standpoint of financial models. However, we are not focused solely on the present moment. These models are based on average annual prices, meaning they reflect a medium-term horizon," Novak explained.

According to him, the Russian oil sector continues to invest because it is impossible to maintain current levels of production without it.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is 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.