Russia's Ministry of Finance published an account of Deputy Prime Minister Alexander Novak's participation in the St Petersburg International Economic Forum, where he warned that the closure of the Strait of Hormuz and damage to infrastructure are putting global energy markets under supply-side stress. Novak said around 12 million barrels of oil are not reaching consumers, equal to about 10 percent of global demand, while rising electricity use, data centres, advanced computing and artificial intelligence continue to lift overall energy consumption. Other panel participants, including officials from OPEC and the Gas Exporting Countries Forum, linked the turbulence to reduced oil and gas supplies, stressed the role of OPEC+ and long term investment, and described Russia and Saudi Arabia as key stabilising producers. On the sidelines of the forum, Novak and Saudi Energy Minister Abdulaziz bin Salman Al Saud discussed cooperation in energy, finance, banking, trade and economic development, and more than 30 documents and agreements were signed after a meeting of the Russian Saudi Business Council.
Ministry of Finance (Russia)2026-06-04
Russia's Ministry of Finance reports Novak's warning on Strait of Hormuz disruption and over 30 Russian Saudi agreements
Russia’s Ministry of Finance reported Deputy Prime Minister Alexander Novak’s warning at the St Petersburg International Economic Forum that disruptions in the Strait of Hormuz and infrastructure damage are withholding about 12 million barrels of oil, or roughly 10 percent of global demand, amid rising energy use driven by data centres and artificial intelligence. Other panel participants highlighted reduced oil and gas supplies, the stabilising role of OPEC+ and the need for long-term investment, while Novak and Saudi Energy Minister Abdulaziz bin Salman Al Saud discussed broader economic cooperation as over 30 Russian-Saudi agreements were signed.