LIVE UPDATES: St. Petersburg International Economic Forum Day 2

"Definitely. At the level of what is happening in the global [energy] markets, we see that this is actually an unprecedented crisis. This has never happened, even in the 20th century," Novak told reporters at the 2026 St. Petersburg International Economic Forum (SPIEF), when asked if the energy crisis in the world is already being felt due to the Middle East conflict.

"We believe that the role of OPEC+ remains very important in world markets, because it accounts for more than 50% of production, more than 40% of total exports that occur within the framework of world trade. Therefore, in any case, the OPEC organization and our OPEC+ agreement show their effectiveness, allowing them to smooth out fluctuations and volatility in the global market," Novak told reporters at the 2026 St. Petersburg International Economic Forum (SPIEF).

"If the conflict drags on and the production of the Persian Gulf countries is not increased, of course, there will be a shortage in a few months," Novak told reporters at the 2026 St. Petersburg International Economic Forum (SPIEF), when asked if a physical shortage of oil in the world is possible in 2026.