Russian Deputy Prime Minister Alexander Novak said on Thursday that uncertainty surrounding global oil demand has increased significantly, following discussions with Saudi Energy Minister Prince Abdulaziz bin Salman at the St. Petersburg International Economic Forum.
Speaking after the meeting in St. Petersburg, Novak said both officials agreed that predicting future demand has become increasingly difficult due to rapidly changing market conditions and geopolitical developments.
The comments come as the oil market grapples with disruptions caused by the U.S.-Israel conflict with Iran, which has damaged energy infrastructure across Iran and parts of the Gulf region.
The crisis has also led to the effective closure of the Strait of Hormuz, a key shipping route for global crude exports, intensifying concerns over supply security.
Novak noted that demand forecasts made in recent years may no longer be reliable and require substantial revision to reflect current realities.
Despite the uncertainty, he said the OPEC+ alliance remains capable of responding to shifts in the market and balancing supply when necessary.
His remarks underscore growing concerns among major producers about the combined impact of geopolitical tensions, supply disruptions and evolving consumption patterns on the global energy outlook.