Minister of Energy of the Russian Federation, Alexander Novak: “It’s time to move from supply and demand security to market security”
The Minister of Energy of the Russian Federation, Alexander Novak, has taken part in the 21st Ministerial Meeting of the Gas Exporting Countries Forum (GECF).
During the meeting, the head of Russia’s Ministry of Energy underscored the vital role of the Forum in preserving global energy security and facilitating collaboration between producers and consumers of natural gas. “Over the past two decades, the Forum has become an authoritative international organisation. Ensuring close and transparent collaboration between gas producers, transit companies and consumers remains an important defining factor for the sustainable development of global energy and macro-economic stability. Regardless of what market conditions are like, the work of the Forum should be based on market principles and social responsibility,” said Novak.
The Energy Minister also noted the growing role of regional markets in ensuring global stability. “It’s time to move from calls for supply and demand security to market security. I’m sure that developing and stepping up our cooperation will directly facilitate the development of the Forum, making a significant contribution to energy security and to steady global economic growth,” he stated.
As part of the event, a wide range of issues were analyzed, including the forthcoming Global Markets Review and the 2050 Global Markets Review for Gas Exporting Countries, as announced by Novak during a press conference on the Ministerial Meeting. Moreover, the GECF Annual Statistical Bulletin was presented at the meeting, and constitutive documents to establish an institute for the study of gas-related problems in Algeria were endorsed, he added.
The Energy Minister noted that the role of gas in the global energy sector was due to grow. “As part of the meeting, a substantive discussion took place. We noted that the share of gas in the global energy mix will rise from the present level of 23% to 27% by 2050. The potential is huge, especially considering the low environmental impact of that fuel source”, said Novak. In his view, such rates of growth will be facilitated by the increasing proportion of gas-consuming countries. “This, among other things, will be made possible in light of the increasing mobility of gas. Once liquefied natural gas comprises 50% of the global gas share, the market will undergo complete globalisation and the consumption of gas will increase.”
To become leaders in the gas sector, gas-producing countries must share knowledge on the technological development of gas fields, he noted.
Russian Energy Week is organised by the Ministry of Energy of the Russian Federation and the Roscongress Foundation with the support of the Government of Moscow.
The Russian Energy Week is organized by the Ministry of Energy of the Russian Federation and the Roscongress Foundation with the support of Moscow Government.
On Friday, 10 April at 12:00 Moscow time, guests and speakers at the Roscongress Foundation’s online studio will hold a discussion on what to expect from a volatile global oil market.
The 2nd Summit of the BRICS Youth Energy Agency is being held as part of the #BrighterTogether Youth Day of the Russian Energy Week (REW) International Forum. The event is organized by the BRICS YEA and MGIMO University with the support of the Russian Ministry of Energy, the Roscongress Foundation, Rosmolodezh and Rossotrudnichestvo.
The parties will review in detail the development of multifaceted Russian-Iraqi cooperation, as well as current matters on the international agenda, primarily developments in the Middle East.