Russia's influence upon world structure of oil&gas prices increasing fast

Russia's influence on the world structure of prices for oil and natural gas is on the increase, Robert Priddle, Executive Director of the International Energy Agency (IEA), said on Saturday. Speaking at a briefing on the eve of the International Energy Forum opening in Osaka, he stressed that the fast growth of Russian exports of oil products and natural gas was a fact, and it was sure to substantially affect the world prices for these energy sources.

In his words, OPEC has been recently voicing serious concern about the growth of Russia's influence upon the world prices for oil products. "Some experts even speak of the threat of destruction of the OPEC prices' structure under the influence of Russian exports," the IEA Executive Director said.