Kiev military launch more than 200 shells, destroy house in DonbassWorld October 23, 11:10
Rescuers evacuate 15 people from house hit by gas explosionSociety & Culture October 23, 11:07
Russian health minister says producing vaccines in Nicaragua is "very profitable"Society & Culture October 23, 7:36
Russia, EU should set up strategic planning committee — former foreign ministerRussian Politics & Diplomacy October 23, 6:07
DPR to raise issue of Ukrainian forces’ shellings in DPR’s south — envoyWorld October 23, 5:06
Georgia’s Orthodox patriarch to visit Moscow to mark Russian patriarch’s 70th birthdaySociety & Culture October 23, 4:21
Iraqi forces enter last settlement on northern approaches to Mosul — mediaWorld October 23, 3:56
Azerbaijan’s president says his country will not increase oil outputBusiness & Economy October 23, 3:29
Second round of parliamentary election to be held in Lithuania on SundayWorld October 23, 2:49
MOSCOW, May 15. /ITAR-TASS/. Russia is calling on global energy partners to create a new agency tasked with regulating international markets.
The initiative was launched in an address by Russian Energy Minister Alexander Novak at the International Energy Forum (IEF) on Thursday, defining the proposed structure as an instrument for forecasting developments in the global markets, revealing "negative trends" and coordinating policies to reverse risk.
Novak called for "fair risk allocation between all energy market members" to ensure secure supply and demand. Long-term supply contracts played an undeniable role, he told delegates from countries generating more than 90% of global oil and gas supply and demand.
Fulfilment in good faith of contractual obligations, including due payments for deliveries, was a key factor in ensuring secure and reliable energy supplies, the minister told the Riyadh, Saudi Arabia-based forum.
“Unfortunately, recent events suggest this is not always the case, which causes serious risks and endangers secure and reliable supplies to consumers,” Novak said, adding that Russia “consistently seeks to stabilize the market to guarantee sufficient investment in new projects”.
“Improving the institutional environment is a difficult and time-consuming process,” Novak told the gathering, asking forum participants to join global dialogue on the nature of a new "international institutional environment".
Founded in 1991, IEF is the world's largest recurring gathering of energy ministers. It assembles 89 energy-producer and consumer countries alongside the European Union, the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC).