Press release on Russian Energy Week International Forum 2018
The second Russian Energy Week Forum (REW) was hold in Moscow on October 3-6, 2018. About 9.5 thousand people, representatives of official and business circles of 70 states, including 20 energy ministers, heads of large domestic and international analytical companies met to discuss the global energy agenda in an open trusting way.
The pivotal event of the REW-2018 became the speech of the President of the Russian Federation at the plenary session "Sustainable Energy for a Changing World." In his speech, V.Putin pointed out the stabilizing role of Russia in the global energy market and emphasized that the world energy security may be provided only with an equal partnership based on the identical rules, pragmatism, shared responsibility, and mutual interests. The President commended the constructive interaction between the Russian Federation, OPEC and other petroleum exporting countries. Owing to the joint work, we managed to achieve a balance in the global oil market, which is necessary for the implementation of long-term investment plans.
During the meeting with the President of Russia and in his speech at the REW, the OPEC Secretary General M.Barkindo noted the significant role of our country in reaching the Vienna agreements and their compliance. The mutual interest in further development and institutionalization of cooperation was confirmed.
The oil prices became the most sensitive issue discussed by the participants. V.Putin as well as the energy ministers of the diverse countries, including Saudi Arabia and Qatar, expressed the opinion that the basic indicators of supply and demand for hydrocarbons are generally balanced now. The cause of price volatility arises from the political situation, such as the US unilateral measures and plans.
Until 2040, fossil energy sources (FES) will remain a key element of the global energy industry. Their share is expected to account for more than 75% of energy production, of which oil and gas - more than 50%. The demand for “black gold” will be high.