Azerbaijan and Armenia report armed clashes in Karabakh conflict areaWorld February 25, 11:45
Head of Russian delegation to OSCE PA says Ukraine not ready for dialogueRussian Politics & Diplomacy February 25, 5:02
Russian baritone Hvorostovsky cancels concerts due to continuing treatmentSociety & Culture February 25, 3:22
Russian prime minister declares 3rd Winter World Military Games openMilitary & Defense February 24, 22:33
Russia to veto UNSC resolution imposing sanctions on Syria — envoyRussian Politics & Diplomacy February 24, 22:29
Ukrainian MP Savchenko arrives in Donetsk republic to visit Ukrainian prisoners — agencyWorld February 24, 22:25
Russian Defense Ministry surprised over German MPs reaction to Reichstag miniature plansRussian Politics & Diplomacy February 24, 16:32
Iraq's PM orders airstrikes on IS positions in SyriaWorld February 24, 16:09
Nord Stream 2 financing model to be ready by year end - OMVBusiness & Economy February 24, 13:44
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).