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Global energy needs new market regulator — Russian minister

Russian Energy Minister Alexander Novak says a new agency tasked with regulating international energy markets should be created

Russian Energy Minister Alexander Novak (center) ITAR-TASS/Stanislav Krasilnikov

Russian Energy Minister Alexander Novak (center)

© ITAR-TASS/Stanislav Krasilnikov

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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).

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