ST. PETERSBURG, June 5. /TASS/. Russia hopes for a resolution to the energy crisis soon as it is negatively affecting the oil market, Deputy Prime Minister Alexander Novak said.

"We’ll be reaping the consequences of the situation in the Strait of Hormuz and the wider Persian Gulf for a long time. However, we still hope it will be resolved soon because despite the high prices on the market today, this is still probably not the most favorable situation for the overall energy market, as there are risks that consumers will switch to other energy sources, which is also not good for the industry," he said in an interview in the Vesti program on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The industry needs stable prices that would be favorable for both consumers and producers of such energy resources, Novak added.

The St. Petersburg International Economic Forum is taking place on June 3-6. This year’s theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.