Oil prices spiked on Monday…
Just one day after OPEC…
Gazprom head Aleksei Miller has said that its unlikely that Russia will join the International Energy Agency anytime soon.
Speaking on the sidelines of the St Petersburg economic forum Miller told reporters, "An invitation was today made to Russia to join the International Energy Agency. I think that Russia will not be joining it in the next 12 months. This is my forecast," adding that the IEA is an organization which "represents the interests of consumer countries and establishes their scenarios and strategies for energy market development" before concluding, "I believe that above all Russia should be developing a transparent and constructive dialogue with the International Energy Agency," Interfax news agency reported.
As the head of Russia’s largest state-owned energy company, Miller’s observations carry some weight.
IEA Executive Director Nobuo Tanaka observed, "We all really have a common interest. You cannot take oil in isolation from gas security, energy efficiency and electricity from renewable. The issues of energy security and climate change need to be tackled collectively and we think Russia and other key producers can learn a lot from (the IEA's) experience," adding that while Russia, an energy superpower, is currently viewed by the IEA as a "key non-member" country along with China and India, it would be nevertheless a good thing if Moscow became a “full member” of the IEA.
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com