Minister of Energy Alexander Novak - Russian Gas Will Dominate the World Energy Market!
Let's discuss another topic. As part of the Russian Energy Week, a meeting was held between the ministers of gas exporting countries. The participants discussed the prospects for the development of the market.
Alexandra Suvorova has the details of the conclusions made.
There are two main outcomes of the meeting of the gas exporting countries' ministers. First of all, they don't intend to turn the forum into a cartel like OPEC. The platform will primarily work for advice and discussion. The second outcome is that we now know the forecasts up until 2050. They were shared by the Russian Minister of Energy Alexander Novak.
Alexander Novak, Minister of Energy: «Gas will play a bigger role in the global energy balance. The increase of the share in the energy balance from 27% to 34% by 2050 was mentioned. As a cutting-edge accessible energy source, gas has a huge potential indeed. The role of liquified natural gas will increase. We've also discussed it today».
According to Alexander Novak, gas consumption will increase over time and the share of LNG will grow. When it reaches 50-70%, it'll be possible to create a common gas market, the one like the existing oil market. In addition, the participants noted that they don't forecast an oversupply of gas in the market.
Yury Sentyurin, Secretary-General of the Gas Exporting Countries Forum: «We think that our gas producers and exporters can be confident about the future. We don't see that there'll be an oversupply. We see the opposite trend — a steady increase in the number of countries, which are natural gas consumers».
The number of countries which choose gas or liquified natural gas, has been increasing. The participants noted that the main thing is to monitor the balance of demand and supply.
Manuel Quevedo, Venezuelan Minister of Oil: «We should monitor those deviations in the market, which can be caused by political reasons. No country — neither gas consumers nor producers — benefits from such situations. We should be prepared for such violations. Therefore, the Gas Exporting Countries Forum conducts research on future projects, investments, supply and demand in the oil market».
In addition, we learned that Secretary General of the GECF Yury Sentyurin prolonged his powers for two years.
The next meeting of heads of the forum's states will be held this November. And a summit of ministers will be held in 2021 in Qatar.
Alexandra Suvorova, Yaroslav Borisov, and Ivan Usanov for Vesti.