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BRICS Russia 2020 Energy Research Cooperation Platform

Moscow, Russian Federation

Joseph McMonigle, Secretary General of the International Energy Forum was invited as a special guest to the BRICS Energy Research Cooperation Platform that the Ministry of Energy of the Russian Federation hosted on a semi-virtual platform on 15 October 2020 from Moscow. Leading experts from Brazil, Russia, India, and China, and representatives of key international energy organisations discussed the findings of the BRICS Energy Report shortly in advance of the 12th BRICS Leaders’ Summit taking place on 17 November 2020 in Saint Petersburg dedicated to strengthen partnerships on global stability, shared security, and innovative growth under the BRICS chairmanship of Russia.

In his keynote address Mr Joseph McMonigle highlighted the important role that Brazil, Russia, India, China, and South Africa play as key IEF producers and consumers in global energy security alongside other leading international energy organisations. “Today global oil markets find their way towards new balances by the guardrails consuming and producing countries set in the framework of the 2016 Declaration of Cooperation among OPEC and OPEC-plus members, and through the closer collaboration between Brazil, Russia, India, China, and South Africa also as IEF and G20 member countries. The silver lining of the COVID-19 pandemic is that producers and consumers have strengthened dialogue and collaboration and sharpened focus on forward looking energy agendas to achieve shared aspirations. Investments in high-return infrastructure projects by major economies that help the world achieve universal access to affordable, clean, and reliable energy services, and lower greenhouse gas emissions can further those objectives” he said.

The BRICS countries account for more than a third of global energy demand and supply today. Their share in global energy markets will continue to rise and the decisions of policy makers and industry leaders of BRICS economies is of growing significance to the future of world energy markets.

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