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The Russian Ministry of Energy attended a panel discussion on the new era of the global oil and gas market, on the sidelines of the St. Petersburg International Economic Forum Federation, Thursday. The panel included Minister of Energy Alexander Novak, CEO of Royal Dutch Shell Ben van Beurden, and Chairman of the management Board of Gazprom Alexander Dyukov. The panelists discussed oil prices and the effect sanctions may have on the Russian energy market in the future, as well as future perspectives in producing oil in the Arctic. Novak stated that in order to really understand oil prices the industry needs to look 15 years ahead “when the development of the Arctic really starts.” While Dyukov acknowledged that the shrinking of the market is a concern, he considers selling a barrel for 60 dollars a problem of the world's oil industry rather than just an exclusively Russian problem. Ben van Beurden expressed concern about working in the arctic due to the environmental impact it may have on the area.

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