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Putin calls for greater BRICS cooperation in energy security, reducing price volatility

Moscow — Russian President Vladimir Putin said Friday that he is in favor of strengthening energy cooperation among the BRICS countries to ensure global energy security and reduce price volatility in the global energy markets.

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"As BRICS participants are leading global consumers and producers of energy, our association could be more actively involved in issues of ensuring global energy security and universal access to energy," Putin said, during a meeting of the leaders of the BRICS countries ahead of the G20 Summit in Osaka. The BRICS group comprises Brazil, Russia, India, China and South Africa.

"We also suggest discussing what can be done within the BRICS framework to harmonize world energy markets and reduce fuel price volatility," he said.

Earlier this month, the CEOs of Russia's Rosneft and China's CNPC called for greater cooperation for becoming a strong combined factor to influence the global energy markets, help ensure energy security, and counter protectionism.

Putin raised concerns about the current situation of the global economy, pointing to protectionism and politically-motivated restrictions and barriers as placing a heavy burden on international trade.

"There are weak indicators of business activity, an increase in global debt, high volatility on the financial, currency and commodity markets. Under these conditions, it seems that the BRICS countries should take the initiative in shaping a more equitable and sustainable model of global development on the principles of equality and respect for sovereignty, and taking into account the interests of all countries," Putin said.

Putin added that there are good prospects for cooperation on increasing the use of environment-friendly fuels, including natural gas, nuclear and hydropower, within the BRICS.

-- Rosemary Griffin, rosemary.griffin@spglobal.com

-- Edited by Manish Parashar, newsdesk@spglobal.com