Saudi Arabia proposed to regulate gas and coal markets

The Minister of Energy of Saudi Arabia, in his speech at the Russian Energy Week, said that the situation in the markets of natural gas, liquefied natural gas (LNG) and coal requires investment and regulation following the example of OPEC+. Currently, these markets are experiencing a period of price highs and shocks. 

According to the minister, «carbon neutrality should not be an end in itself,» since this race ultimately violates stability in the energy markets. The politician also noted that the repetition of the same actions and measures (following the example of OPEC+ in the oil market) will help significantly improve the situation on the gas and coal market. 

Russia also supported this idea, stating that it considers the issue of regulating gas markets by analogy with oil markets quite rational.

Recall that in early October, gas prices in Europe exceeded the absolute maximum of $1950 per thousand cubic meters. After that, the quotes dropped almost one and a half times during the day – below $1,250 per thousand cubic meters. Gas is becoming more expensive, mainly due to a decrease in the volume of wind generation of electricity. Coal is growing against the background of a general rise in the cost of energy carriers on the eve of the heating season.