This week in photos: Putin’s binoculars, Macron's hug and Berlin’s welcome for UK heirsSociety & Culture July 21, 17:43
Putin discloses his code name at intelligence schoolSociety & Culture July 21, 17:39
Putin says life, love and freedom are his core valuesSociety & Culture July 21, 17:06
Crimean border guards rescue drowning Ukrainian who swam from Ukraine to TurkeyWorld July 21, 16:59
Putin doesn't rule out running in 2018 presidential raceRussian Politics & Diplomacy July 21, 16:56
Russian Helicopters deliver Mi-171E convertible helicopter to PakistanMilitary & Defense July 21, 16:50
Putin confesses he doesn’t use social networksSociety & Culture July 21, 16:44
Siemens examining all Russian partners for compliance with export standardsBusiness & Economy July 21, 16:36
Kremlin spokesman calls sale of alleged Putin’s watch for 1 mln euro ‘successful trick’Society & Culture July 21, 16:29
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).