ST. PETERSBURG, June 6. /TASS/. Continued tensions in the Middle East are undermining long-term global oil demand and may lead to renewed interest in renewable energy sources, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said.

"It is obvious that prolonged tensions in the Strait of Hormuz undermine long-term demand for oil. They may also trigger another surge of interest in alternative energy," Sechin said while speaking at SPIEF.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. 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.