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25 May 2020

Opinion: Price fluctuations may accelerate talks on common oil and gas markets in EAEU

Opinion: Price fluctuations may accelerate talks on common oil and gas markets in EAEU
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MINSK, 25 May (BelTA) – Energy price fluctuations may accelerate talks on the common oil and gas markets in the Eurasian Economic Union (EAEU), member of the Board (Minister) on Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergei Glazyev said in an interview to the Belarus 1 TV channel, BelTA has learned.

According to Sergei Glazyev, there are more than 300 measures and mechanisms in the EAEU strategic areas through 2025. “If we talk about common oil and gas markets, there is a concept that has been officially adopted. Work is underway on it. It will undoubtedly be completed in due time. No one is delaying the implementation of these tasks. Today there are strong fluctuations in energy prices. I think these fluctuations will simplify the speed of agreements. Because in the situation of unstable markets, the sooner the states agree with each other, the sooner they will ensure stability in the energy market, which is very important for all the industries,” he said.

The member of the EEC Board noted that such regulation should be achieved “so that energy pricing contributes to the economic growth of our union as a whole”. 2024 has been announced as a milestone year on this issue. “I am confident that we will not go beyond this year. Maybe we will be able to reach consensus on these difficult issues sooner,” he concluded.

Now, the development of strategic areas through 2025 envisages measures to establish exchange mechanisms for trade in oil, petroleum products, metal and grain, not only in national currencies, but also with the Eurasian pricing mechanisms. “We need stability. We need to plan pricing conditions ourselves and do not depend on the sharp fluctuations of the world market,” said Sergei Glazyev.

According to him, the EAEU should move from a peripheral position in the world commodity markets to become a center for pricing and determining the structure of the oil and petroleum products market. “We have a unique opportunity today to offer Asian markets our own pricing mechanism. And we will work on it,” said Sergei Glazyev.

One of the important problems that is being discussed today, but not yet completely solved, is the adoption of antitrust regulation measures in relation to corporations of third countries. “After all the main competitors are giant transnational corporations, which have monopolized a large part of the economic space that we have in common. I would like our domestic goods produced jointly by the enterprises of the EAEU member states to dominate that common economic space,” Sergei Glazyev said.

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