Deputy Prime Minister Alexander Novak took part in the in the panel session of the St Petersburg International Economic Forum, Global Energy Systems: How the World’s Energy Sector Responds to Challenges and Risks. Taking part were Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, Serbian Minister of Mining and Energy Dubravka Dedovic, OPEC Secretary General Haitham Al Ghais, Gas Exporting Countries Forum (GECF) Secretary General Philip Mshelbila, Gazprom Neft CEO Alexander Dyukov, and Russian Direct Investment Fund CEO Kirill Dmitriev.
A SPIEF panel session, Global Energy Systems: How the World’s Energy Sector Responds to Challenges and Risks
Alexander Novak at a panel session, Global Energy Systems: How the World’s Energy Sector Responds to Challenges and Risks
Meeting with Prince Abdulaziz bin Salman Al Saud, Saudi Arabian Minister of Energy and Co-Chairman of the Joint Russian-Saudi Intergovernmental Commission
The Russian-Saudi Business Council, dedicated to the 100th anniversary of diplomatic relations between two countries
The Russian-Saudi Business Council, dedicated to the 100th anniversary of diplomatic relations between two countries
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
Alexander Novak toured the St Petersburg International Economic Forum’s exhibition. The display at the Soul of Russia pavilion was presented to the delegation of the Kingdom of Saudi Arabia, this year’s guest country at the SPIEF
A SPIEF panel session, Global Energy Systems: How the World’s Energy Sector Responds to Challenges and Risks
Participants discussed the impact of geopolitical developments on the current state of energy markets, opportunities for adaptation to new conditions, and key trends shaping the sector.
The Deputy Prime Minister noted that global energy consumption continues to grow. According to him, the main drivers are electrification, the expansion of data centres, the adoption of advanced computing technologies, and the rapid development of artificial intelligence, all of which require significant amounts of energy.
“The global energy sector is currently experiencing supply-side stress. The closure of the Strait of Hormuz and damage to infrastructure are having a substantial impact on the market. It is estimated that around 12 million barrels of oil are not reaching consumers, which makes approximately 10 percent of global demand. These circumstances are creating new consumption patterns: logistics routes are changing, prices are rising, and this, in turn, affects the global economy at large, including production, food security, and public utilities. Such tectonic shifts are likely to accelerate the search for new logistics routes, alternative methods of energy transportation, and new energy sources,” Alexander Novak noted.
Abdulaziz bin Salman Al Saud emphasised that Russia remains one of the world’s leading energy producers.
“We are working together to find tools and opportunities that enable our countries to enhance friendly relations. In the coming years, the situation will improve, and relations between Russia and Saudi Arabia will continue to deepen,” he said.
Addressing the importance of OPEC+ amid turbulence in global energy markets, Haitham Al Ghais highlighted the key stabilising role played by Russia and Saudi Arabia.
“It is always important to think in the long term. The world will continue to see growing oil demand, as peak consumption still lies ahead. This industry requires investment and planning, and we must prepare in advance for future demand. Investment cannot be allowed to stop,” Haitham Al Ghais noted.
According to Alexander Dyukov, investments made in the industry over the past 25 years have created a strong resource base, efficient refining capacity, and advanced transportation infrastructure.
“Our high level of technological development is equally important; these advantages enable us to operate successfully even under sanctions and restrictions,” Alexander Dyukov emphasised.
Philip Mshelbila pointed to the difficult situation in global gas markets resulting from the closure of the Strait of Hormuz.
“We are seeing a significant reduction in gas supplies. This has negative consequences across the economy. We need to reconfigure our entire energy system to adapt to current realities. It is essential to understand how crises affect industry and the economy as a whole, as well as how long such disruptions may last. All these factors will help us envision how development will unfold,” he said.
Kirill Dmitriev stressed that continued investment in the sector depends on understanding the relevance of OPEC+.
“It is OPEC+ that has helped attract investment to the industry. Partnerships within this framework are the foundation for capital inflows,” Kirill Dmitriev emphasised, adding that Russia plays a key role in the diversification of global energy supplies.
Karim Badawi stated that cooperation and partnership are indispensable for ensuring energy security.
“The products of the oil industry contribute significantly to improving quality of life in many countries. We must further increase the efficiency of petrochemical production while developing the necessary infrastructure. Progress in these areas will help raise living standards. International cooperation is essential for sharing best practices and collaborating to pursue greater energy efficiency,” he said.
Dubravka Đedović noted that Serbia places strong emphasis on diversifying its energy resources.
“We are working to become more adaptable in order to ensure stable economic development. Increased investment in the energy sector, the use of new energy sources, and the expansion of strategic reserves will help us withstand economic shocks,” she concluded.
Also on the sidelines of the St Petersburg International Economic Forum, Alexander Novak held a bilateral meeting with Prince Abdulaziz bin Salman Al Saud, Saudi Arabian Minister of Energy and Co-Chairman of the Joint Russian-Saudi Intergovernmental Commission. The parties discussed prospects for cooperation across a range of sectors, including energy, finance, banking, trade, and economic development.
As this year’s guest country at the forum, the Kingdom of Saudi Arabia presented an exhibition at the Soul of Russia pavilion. The space features more than 50 works by contemporary artists and Russian brands, encompassing interior design, textiles, tableware, art installations, inclusive theatre projects, and regional creative clusters.
Addressing a meeting of the Russian-Saudi Business Council dedicated to the 100th anniversary of diplomatic relations between the two countries, Alexander Novak noted that Russia and Saudi Arabia are united by a shared commitment to a fair and multipolar world order that respects the interests of every nation and its sovereign right to choose its own path of development.
“The greatest strength of our relationship is the trust-based dialogue maintained at the highest level. Regular contacts between our heads of state set the pace for all areas of cooperation, and we consistently translate the agreements reached at the highest level into concrete actions. We support each other on the international stage and regard this political trust as one of the most valuable assets of our bilateral relationship,” the Deputy Prime Minister stated.
Following the council meeting, the parties signed a package of over 30 documents and agreements.
