During the St. Petersburg International Economic Forum (SPIEF-2026), Russian Deputy Prime Minister Alexander Novak addressed the current state of oil prices, suggesting that a balanced price around $80 per barrel, with a $5 deviation either way, meets the needs of both consumers and producers. Novak emphasized that within this range, consumers are likely to be satisfied while producers can effectively pursue their investment strategies. The SPIEF-2026, taking place from June 3-6, 2026, is themed 'Pragmatic Dialogue: The Path to a Stable Future', with Saudi Arabia as the guest country. The forum aims to discuss innovative models for global economic development amid ongoing changes in the world economy. Various events are scheduled, including the SME Forum and the Creative Industries Forum, alongside cultural activities like the Petersburg Seasons festival. The title partner for this year's forum is Russia’s national economic development institution, VEB.RF, with the Roscongress Foundation serving as the organizer.