Deputy Prime Minister of the Russian Federation Alexander Novak noted: “If we take the overall situation in the energy market over the past two years, we are seeing a complete recovery in demand for energy resources, which previously fell as a result of the epidemic, closures and a decrease in demand for road and transport transport.” Today we can say with confidence that by the end of this year, oil production will return to its previous level.”

In a TV interview he gave on the sidelines of his attendance at the St. Petersburg International Economic Forum, he said: “Despite the recovery in production, the world may face a shortage of oil supplies, especially in light of the continued strong fluctuations and uncertainty in the market in terms of energy supplies.” He said: “Uncertainty remains regarding the resumption of production in Iran, Venezuela and Libya. We are seeing a lack of infrastructure that would allow us to fully use energy resources, and we are also seeing a decrease in investment in the extractive industries. “, and added: “This means that there may be a shortage of supply in the oil and gas market, especially oil.”