• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 12 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 21 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 25 mins Starvation, horror in Venezuela
  • 8 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 20 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 hour Why hydrogen economics does not work
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 17 mins China goes against US natural gas
Alt Text

The Newest Digital Trend In Oil & Gas

The AI market in oil…

Alt Text

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Alt Text

This Is Why Canada Lost The LNG Race

Just recently, it seemed as…

Energy Digital

Energy Digital

Energy Digital is a leading digital media source of news and content for C-level executives focused on business and all aspects of managing the environment.…

More Info

Trending Discussions

Russia Invited to Join the IEA

Russia and other producer nations are invited into the International Energy Agency in response to high oil prices and uncertain global energy security.

The International Energy Agency (IEA) serves as a worldwide organization ensuring oil and energy security to its member nations.  The IEA was developed in response to the OPEC oil crisis in the 1970s, to help member nations coordinate energy supply in case such a major market fluctuation ever occurs again.  The organization is now looking to initiate Russia into its energy regime, setting aside the dissolved Cold War era issues that barred the nation from entering in the 1970s.  Other nations are also being considered for new membership.

In a statement made in the Observer Weekly, IEA Executive Director Nobuo Tanaka said, "We all really have a common interest. You cannot take oil in isolation from gas security, energy efficiency and electricity from renewables.  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."

Russia has been viewed by the IEA as a “key non-member” for years along with India and China.  However, Tanaka claims that Russia’s admittance to the IEA as a full-member would be a positive addition.

Russian Deputy Prime Minister Igor Sechin has indicated that he may attend the next ministerial meeting of the IEA in October.

Tanaka added, "I don't know when (it) will happen. It can't be done in a day, and may take years, but Russia can benefit from our knowledge."

Tanaka has also been in talks with Saudi Arabia and other Middle Eastern oil producing nations.  The IEA expressed its disappointment in the indecision by OPEC to raise supply levels in recent weeks amidst the global crude price shock.  Perhaps the invitation into the global organization is the IEA’s move to transfer power from the OPEC oil cartel.  Saudi Arabia was among the nations who raised crude supply despite OPEC’s inaction, and the IEA may be recruiting internationally aligned OPEC members for its own energy conglomerate.

By. John Shimkus of Energy Digital




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News