Experts believe that the gas market is not ripe for creating an analogue of OPEC

Russian Deputy Prime Minister Alexander Novak said that the participants of the global gas market are not yet ready to create a global market regulator similar to OPEC.

Novak also noted that the forum of gas exporting countries has been successfully functioning for many years, which unites a little more than 15 countries – producers and exporters of «blue fuel». However, this international organization has no task to regulate the market, it is only engaged in the exchange of opinions and technologies, as well as conducting joint consultations and research.

According to the Deputy Prime Minister, the gas market is not yet as developed as the global oil market, which is already quite developed in terms of production, supplies and exchange trading. To date, pipeline supplies continue to occupy a significant share, although the share of LNG is growing. Experts expect that in the coming years their ratio will be 50-50. And even this level is still insufficient for gas to become the same exchange commodity as oil. It is possible that when LNG supplies reach 50% of the market, there will be prerequisites for regulation, but this is not possible now. 

Novak also shared his vision of the causes of the energy crisis in Europe – the politician believes that the lack of proper planning and long-term investments in the industry is to blame for everything.