ST. PETERSBURG, June 4. /TASS/. A protracted conflict in the Middle East could push the global economy to replace traditional energy resources with alternative sources, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).
"Tectonic shifts are taking place in the economy, not just in energy. In my opinion, if this really goes on for a long time, the impact will be significantly more negative for both the energy sector and the economy," Novak said.
He noted that many countries have already limited their energy consumption, primarily scarce petroleum products like jet fuel, which has led to a reduction in air travel.
"All of this, of course, will likely force consumers to behaviorally react to demand-related changes in the future. And, most likely, such tectonic shifts will be aimed at finding and building new logistics routes, seeking new ways to transport energy resources, as well as finding replacements for them. These replacements could come from other alternative sources," the Deputy Prime Minister added.
SPIEF is taking place on June 3-6. This year's main theme is "Pragmatic Dialogue: The Path to a Stable Future." The forum's program focuses on shaping a new model of global development amid the transformation of the world economy. The Roscongress Foundation is the organizer of the forum, with TASS serving as its general information partner.