Middle East conflict will lead to change in logistics chains, transition to alternative sources, no one can estimate oil demand - Russian deputy PM

ST. PETERSBURG. June 4 (Interfax) - The Middle East conflict is leading to tectonic shifts that will cause a change in logistics chains, logistics routes and the search for new energy sources, Russian Deputy Prime Minister Alexander Novak said while speaking at the 2026 St. Petersburg International Economic Forum (SPIEF 2026).

The critical mass of factors resulting from the current situation in the region is growing and could become a more serious event for the energy sector and other sectors of the economy, Novak said.

Novak also said that, together with Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, he has come to the conclusion that no one knows expectations for oil demand, adding that forecasts made several years ago must now be radically revised.

Today, OPEC+ more than ever has the opportunity to make assessments and take decisions to mitigate the situation, he said.