St Petersburg, June 23 (TIWN) The severe sanctions against Russia for the operation in Ukraine are causing dramatic changes in the global economy and the oil market.

Against all odds, Russia, one of the major energy-producing countries, continues to play a crucial role in the global energy market, while such unprecedented turbulence and disruption in the global economy can lead, among other things, to a shortage of energy.  The tectonic shifts in the hydrocarbon markets were addressed at the Energy panel session as part of the XXV St Petersburg International Economic Forum. This year’s anniversary edition of the Forum was titled “New World – New Opportunities” and traditionally addressed economic, social and technological issues. The Energy panel session was attended by the CEO of Rosneft Oil Company, Igor Sechin,  Managing Director and CEO of ONGC Videsh Alok Kumar Gupta, Chairman of CNPC Dai Houliang, CEO of OPHIR Pedro Aquino Jr. and former Executive Director of IEA Nobuo Tanaka.