MINERALNYE VODY, April 30. /TASS/. Providing the market with oil and petroleum products is a key task in the current geopolitical environment, Russian Deputy Prime Minister Alexander Novak said, noting that resolving the Middle East conflict is essential for global supply chain stability.

"In the current situation, of course, it is important to ensure the market's supply of oil and petroleum products. To do this, we probably really need to look at the potential opportunities that exist. And most importantly, of course, as we called for at the last meeting, the [Middle East] conflict, which is negatively affecting the economy, must be resolved in order to stabilize the situation not only in the oil industry, but across all supply chains, since it affects the economy as a whole and all other sectors," he said on the sidelines of the Caucasus Investment Forum.

The United States and Israel launched a military operation against Iran on February 28. On April 7, US President Donald Trump declared a two-week ceasefire with Iran. According to the Iranian side, as many as 3,375 people died in the US-Israeli attacks on Iran over 40 days of the war. On April 11, Iran and the US held several rounds of talks in Islamabad, however both sides later reported that they were unable to reach an agreement on a long-term settlement of the conflict due to a number of contradictions. On April 21, Trump announced his intention to extend the ceasefire with Iran. Meanwhile, according to the Iranian state television, Tehran does not recognize Washington’s unilateral ceasefire extension and will act as it deems necessary in its interests.

The Caucasus Investment Forum is taking place on April 28-30 at the MinvodyExpo International Exhibition Center in the Stavropol Region.

The forum is organized by the Roscongress Foundation with the support of the Russian Government, the Economic Development Ministry and the Government of the Stavropol Region. TASS is the forum’s media partner.