Novak said the current crisis in the global oil market is unprecedented.

The current energy crisis in the world is unprecedented, it has never happened before. On June 4, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the SPIEF.

When asked if there is an energy crisis in the world due to the conflict in the Middle East, Novak replied that it certainly is.

"At the level of what is happening in the global global (energy. — Ed.) markets, we see that this is actually an unprecedented crisis. This has never happened, even in the 20th century," RIA Novosti quoted him as saying.

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Spanish Prime Minister Pedro Sanchez said on May 26 that about 45 million people could be at risk of starvation as a result of the conflict in the Middle East. According to Sanchez, the world is now spending a lot of money on weapons, while reducing the cost of fighting hunger and disease.

The United Nations Food and Agriculture Program (FAO) said on May 20 that the restriction of navigation in the Strait of Hormuz could trigger a global food crisis within six months if governments around the world do not take prompt action.

European Commissioner for Energy Dan Jorgensen said on May 13 that Europe had overpaid €35 billion for energy since the start of the war in the Middle East. He noted that the European Union, despite the diversification of energy supply chains and other measures taken, is still vulnerable to such economic shocks.