ST. PETERSBURG, June 21. /TASS/. Oil prices must be significantly higher than current levels for many producing countries to balance their national budgets, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF).

"In order to balance the budgets of many oil-producing countries, oil prices must be considerably higher than current levels. According to IMF estimates, in 2025, Saudi Arabia’s budget would require a price of more than $90 per barrel," Sechin noted.

Following Friday’s trading on June 20, the price of August Brent crude oil futures on the London ICE exchange fell by 2.33% to $77.01 per barrel. However, since the beginning of June, Brent prices have risen by more than 20%, marking the largest monthly increase since 2020 amid the escalation of the conflict between Israel and Iran. Compared to the start of the year, the price of oil has remained nearly unchanged, gaining less than $1 per barrel.

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.