Gas OPEC is not created – the global gas market is still underdeveloped, - Deputy Prime Minister of Russia
11:19 30.12.2021 6101
The players in the global gas market are far from creating a global market regulator similar to OPEC. According to Russian Deputy Prime Minister Alexander Novak, the gas market has not yet matured before this, Interfax reported on Wednesday.
In an interview with RBK, he said that «there are no negotiations on this score».
«The Forum of Gas Exporting Countries, which has been successfully operating for many years, unites a little more than 15 countries – gas producers and exporters. But this international organization does not have the task of regulating the market. There is a task to exchange views and technologies, conduct joint research, consultations, make forecasts regarding the gas market», - Novak explained.
«The world oil market is quite developed in terms of production, supplies and exchange trading. And the gas market is probably not yet so developed. Pipeline supplies continue to occupy a significant share, although the share of LNG is growing. It is expected that in the coming years their ratio will be 50-50 But this is not the level when gas can become such an exchange commodity as oil. Perhaps then [when LNG supplies reach 50% of the market] there will be prerequisites for regulation. Now this is simply impossible», - Russian Deputy Prime Minister believes.
According to Novak, one of the reasons for the observed energy crisis in Europe is the lack of planning.
«Hope for the market, for gas supplies on the spot, which we have today, and tomorrow we will not. The European Commission is deliberately abandoning the basic principles – from long-term investments in the industry and long-term contracts in favor of spot contracts. Long-term contracts should also be concluded that guarantee the basic component gas supplies to Europe», - Novak said.
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