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Global market unbalanced without Russian oil — Novak

"Sanctions harm the global energy balance, long-term investment that should be made for meeting the growing energy consumption globally," the Russian deputy prime minister noted

ST. PETERSBURG, June 19. /TASS/. The demand and supply balance is hardly possible on the global market without Russian oil, Russian Deputy Prime Minister Alexander Novak said in an interview with Business FM on the sidelines of the St. Petersburg International Economic Forum (SPIEF), adding that sanctions against it only harm the global economy.

"Russia is a major player on the energy market, and we will supply energy resources to the market," he said. "Without Russian oil the market will not be balanced I think," Novak added.

"Sanctions harm the global energy balance, long-term investment that should be made for meeting the growing energy consumption globally," he noted.

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." 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.

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Alexander Novak

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